Bandhan Financial Holdings set to acquire Aegon Life Insurance Company

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Bandhan Financial Holdings (BFHL) has entered into a “Definitive Agreement” with Aegon India Holding and Bennett, Coleman & Company to acquire the entire stake of Aegon and BCCL in Aegon Life Insurance Company.

BFHL said in a statement that the acquisition is subject to receiving the necessary regulatory approvals and the usual closing conditions.

Aegon Life, a digitally focused life insurance company, had a competitive bidding process that saw participation from various investors. BFHL has been selected as the successful bidder for the acquisition of Aegon Life. On completion, this will mark BFHL’s entry into the life insurance sector in India as well as its presence in the banking and mutual fund sectors, enabling a significant step towards creating a diversified financial services group.

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The statement said the agreement provides for the continuation of the existing management team and staff which will help develop and support Aegon Life’s strategy under BFHL ownership.

“We believe that life insurance in India is a large, multi-faceted market that together with the demographic advantage as well as the favorable economic outlook offers a significant business opportunity. The acquisition of Aegon Life provides us with an opportunity to enhance our portfolio of products and services in the financial services sector along with access to a well-established technology platform and product suite, along with an experienced management team.”