21-Feb-19, The Hindu Business Line
After weathering storms of bad loans and profitability, Axis Bank, under new Managing Director and Chief Executive Officer Amitabh Chaudhry, has set its sights on entering the insurance business within a year via acquisition.
%20Business%20Today.jpg "Indias Axis Bank plans to take the acquisition route to insurance (c) Business Today")
Image: Business Today
"We are continuously approached by a lot of groups to actually take a stake in their insurance ventures – life, general, health," Chaudhry told BusinessLine. Peers such as ICICI Bank and HDFC Bank have already set up insurance companies in the life- and non-life segments.
There are reports that Axis Bank may raise its stake in Max Life Insurance Company, a joint venture between Max Financial Services and Mitsui Sumitomo Insurance.