Zurich enters Indian general insurance market with Kotak Mahindra Bank

Zurich enters Indian general insurance market with Kotak Mahindra Bank

Zurich, November 02, 2023 – Zurich Insurance Group (“Zurich”) today announced a strategic alliance with Kotak Mahindra Bank Limited (“Kotak Mahindra Bank”), India’s third largest private sector bank by market capitalization, through the proposed acquisition of a 51% stake in Kotak Mahindra General Insurance Company Limited (“Kotak General Insurance”) for USD 488 million, through a combination of fresh growth capital and share purchase (subject to regulatory approvals and customary closing adjustments). Further, Zurich will acquire an additional stake of up to 19% over time. It is anticipated that this transaction will represent the largest foreign insurer investment in the Indian insurance sector since the regulatory changes allowing majority foreign ownership came into effect in 2021.

Source: Zurich (Link to Press Release)

 

About the author

Amitabh Arora

Amitabh Arora

Amitabh Arora has more than 18 years of experience promoting foreign direct investments (FDI), trade and economic relations between India and Switzerland, South Korea, United Kingdom and Canada. He is currently working as Director Key Accounts at the Greater Geneva Berne area (GGBa), the economic development agency of western Switzerland. GGBa offers a comprehensive range of services at no charge to foreign companies seeking to establish a presence in Switzerland. He is also the founder of FDITracker.com, tracking FDI developments worldwide. Amitabh has a Masters in International Business from the Indian Institute of Foreign Trade (IIFT) and a Bachelor of Business Studies (BBS) from College of Business Studies, India.

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