Future Generali planning to rope in a bank as partner

Future Group is planning to partner with a bank as an investor in its life insurance subsidiary; Future Generali India Life Insurance Co. Ltd. 

Future Generali is a joint venture between the India based Future Group led by Kishore Biyani, and the Italy based Generali Group. Future Generali is both in the Non-Life and Life businesses as Future Generali India Insurance Co. Ltd and Generali India Life Insurance Co. Ltd.  

The company doesn’t intent to sell any of its stakes in Future Generali India Life Insurance. The bank will be the strategic partner, providing not only funds but also its distribution channels.

Syndicate Bank and Bank of India have shown interest, and the company is in talks with Syndicate Bank. The company has also declared its intention to sell its shareholdings in Future Capital Holdings to release capital, which will be used to expand business.

According to a Future Group official, “The bank would have a stake of around 20 per cent in the life insurance company to begin with. As fresh infusions of equity are made, our stake in the venture will keep falling, but we do not plan to sell any of our shares in the venture.”