New Delhi [India], June 27 (ANI): State-owned lender Central Bank of India on Friday announced it has successfully concluded the landmark acquisition of 24.91 per cent equity stake in Future Generali India Insurance Company (FGIICL) and 25.18 per cent equity stake in Future Generali India Life Insurance Company Limited (FGILICL).

In a statement, the lender also said it completed the discussions with Generali Group on Definitive Documents including Shareholders, Trademark and Distribution Documents.

'This marks the culmination of a significant strategic initiative aimed at strengthening the Bank's presence in the insurance sector through its joint ventures in life and general insurance. This strategic partnership is aimed at enhancing insurance penetration across India, delivering innovative insurance products and ensuring deeper financial inclusion and enabling in achieving Governments mission of 'Insurance for All' by 2047,' the bank statement read.

Combining Central bank of India's vast customer base and distribution network with Generali's global expertise in insurance solutions will provide customers with a robust portfolio of products tailored to Indian market needs.

Established in 1911, Central Bank of India is one of the oldest banks in the country with a network of over 4,500 branches and 20,000 plus touchpoints.

Generali is a leading global insurance and asset management provider having presence in more than 50 countries and known for customer centric solutions.

Through this collaboration, Central Bank of India said it aims to unlock long-term value and deliver a comprehensive range of life, general, and health insurance solutions to its customers.

The bank proposes to target its large customer base and also provide insurance solutions to underserved customers, both in terms of geography as well as their size.

The bank said it aims at serving its customers, its strong branch network, a dedicated workforce and worldclass technology.

Central Bank of India acknowledges Ashvin Parekh Advisory Services LLP (APAS) as its business and transaction advisor from the inception of this initiative.

APAS has provided support, including advisory on successful bidding with the resolution professional (RP), valuation and due diligence oversight etc.

Central bank of India also acknowledges Cyril Amarchand MangalDas (CAM), a leading law firm for the support and legal services provided for finalization of legal and transactional documents. (ANI)