Chennai: With erstwhile Andhra Bank and Corporation Bank amalgamating into Union Bank of India (UBI), it is now the fifth largest public sector bank in the country.
It is also the new promoter bank of IndiaFirst Life Insurance Company Limited (IndiaFirst Life) with 30 per cent stake, along with Bank of Baroda (BoB) that holds a 44 per cent stake and Carmel Point Investments India Private Limited – owned by private equity funds managed by Warburg Pincus LLC that holds 26 per cent stake, in the organisation.
Commenting on the amalgamation, RM Vishakha, MD and CEO, IndiaFirst Life Insurance Company Limited., said, “Andhra Bank has been a supportive partner and an integral part of our journey till now. IndiaFirst Life is excited to welcome and be a part of the pedigreed Union Bank of India family. We look forward to seamlessly integrating with their environment. IndiaFirst Life embraces this change for robust growth and mammoth expansion to scale new heights, be more ambitions and yet drive value creation.”