Axis Bank to acquire stake in Max New York Life

India s third largest private sector bank, Axis Bank, will pick up a small stake of around 5% in Max New York Life, currently valued by analysts at Rs 4,500 crore. Max New York Life, a joint venture between Analjit Singh s Max India and the US based New York Life, has a pan- India operation worth around Rs 9,000-crore asset under management(AUM). The bank plans to distribute insurance products of New York Life. The partnership agreement is in the final stages, according to sources familiar with the development. Axis Bank was earlier selling products of MetLife India but has terminated its ...

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