New Delhi, 05 March (H.S.): India's Competition Commission (CCI) has granted approval to Central Bank of India for acquiring additional shareholding in Generali Central Insurance Company Limited (GCICL) and Generali Central Life Insurance Company Limited (GCLICL), enhancing the public sector lender's foothold in the insurance sector. A detailed order from the commission will be issued subsequently.

In a statement Thursday, the CCI confirmed the proposed combination involves Central Bank acquiring an extra 1.09% equity in GCICL and 0.82% in GCLICL, elevating its stake to a uniform 26% in both joint ventures with Italian insurer Assicurazioni Generali. This move, approved under Section 31(1) of the Competition Act, 2002, on March 3, follows the bank's earlier consolidation of positions in these entities.

Central Bank of India, a major provider of banking services including deposits, lending, and ancillary financial products, partners with Generali in these ventures. GCICL offers general insurance services, while GCLICL focuses on life insurance, aligning with the bank's strategy to diversify revenue through bancassurance amid India's expanding insurance market.

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Hindusthan Samachar / Jun Sarkar