India · Updated 15 Oct, 03:27 pm IST
Fairfax proposes transferring Go Digit stakes to IDBI Bank
Why it matters for readers: It explains a big corporate move where an insurer and bank could join to sell more financial products under one group.
- Fairfax proposed transferring all its interests in Go Digit General Insurance and Go Digit Life Insurance to IDBI Bank.1
- Fairfax India Holdings also proposed transferring its entire stake in IIFL Capital Services to IDBI Bank.1
- The proposed transfers would take place at market prices and require approvals from regulators including the RBI, SEBI and IRDAI for the Go Digit transaction.1
- Fairfax’s proposals follow the Indian government selecting a wholly owned Fairfax subsidiary as the strategic buyer for a 60.72% stake in IDBI Bank.1
- Fairfax expects the move to expand Digit’s reach via IDBI Bank’s distribution network and to bring banking, insurance and capital markets services under one group.1
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