Indian private sector lender Axis Bank is set to purchase a 29% stake in Max Life Insurance from Max Financial Services.

The deal will increase Axis Bank’s stake in Max Life Insurance to 30%.

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Currently, Max Financial Services and Mitsui Sumitomo Insurance (MSI) own 72.5% and 25.5% stake, respectively in Max Life.

After a two-stage transaction, Max Financial’s shareholding will eventually drop to 70%.

Following the completion of the transaction, Axis Bank will become a strategic partner of the life insurance firm.

Axis Bank stated: “The development will result in a mutually beneficial and enduring relationship between Axis Bank and Max Life and bring the stability of a long term partnership to India’s fourth largest private life insurance franchise.”

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As per the terms of the agreement, which is slated to be made public soon, Axis Bank will get three to four seats on the board of Max Life Insurance.

In February this year, the media reports first emerged that Axis Bank is holding talks to purchase more than 20% stake in Max Life Insurance.

Axis Bank distributes a number of insurance plans of Max Life under a bancassurance pact, which accounts for approximately 54% of Max Life’s revenue.

The latest deal will bolster the strategic and long-term partnership between the companies and will also eliminate the uncertainty about a bancassurance partner for the insurance company.

Max Life Insurance, which was founded in 2010, offers a range of health, pension, and annuity. It also offers child, protection, retirement, savings, and growth plans to individuals and to groups.