Andhra Bank Floats Request for Proposal for Stake Sale in IndiaFirst Life Insurance

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Andhra Bank, a leading public sector lender, recently floated a Request for Proposal for the Selection of a Valuer and Investment Banker. The RFP was floated with regard to Andhra Bank’s divestment of stake in IndiaFirst Life Insurance Company, either in part or full.

Andhra-Bank
Andhra Bank floats Request for Proposal for stake sale in IndiaFirst Life Insurance.

IndiaFirst Life Insurance was formed in a partnership between Bank of Baroda, which holds a 44% stake in the insurance company, Andhra Bank, which holds a 30% stake, and UK-based Legal & General, which holds a 26% stake in the joint venture partnership.

The due date that has been specified for the respective parties to participate is 26 December 2018.

At a recent meeting that was held last month, Andhra Bank’s board of directors gave approval for the divestment of the public sector lender’s stake, either in part or full, in its other joint venture investments – India International Bank (Malaysia) and ASREC India Ltd. Andhra Bank holds a 25% stake in India International Bank (Malaysia) Berhad, while it holds a 26.02% stake in ASREC India Ltd.

Andhra Bank recently extended the term of Mr. R. Srinivasan, the bank’s chief risk officer, for an additional period of 2 years. The extension has been in effect since 1 August 2018.

Sources: The Times of India, The Hindu Business Line

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