Central Bank Share Price Rise as RBI Approves Insurance Venture with Generali Group

On November 22, 2024, the Central Bank of India informed stock exchanges that the RBI had approved its insurance venture with Generali Group. This move, boosting growth through FGIICL and FGILICL, led to a rise in Central Bank shares.

Acquisition Overview and Approval

In August, the Central Bank of India revealed that it had won the bid to acquire the stakes held by debt-laden Future Enterprises Ltd (FEL) in its life and general insurance ventures.

By October, the Competition Commission of India (CCI) had given its nod to the bank’s proposed acquisition of stakes in Future Generali India Life Insurance Company Ltd (FGILICL) and Future Generali India Insurance Company Ltd (FGIICL).

About FGIICL and FGILICL

FGILICL offers a range of products, including term insurance, savings plans, ULIPs, health insurance, retirement and child plans, rural insurance, and group insurance schemes.

Meanwhile, FGIICL specialises in personal, commercial, social, and rural insurance solutions.

Share Price Performance

On November 25, 2024, the Central Bank of India share price traded 6.86% higher at ₹55.91 at 10:15 AM on NSE. The stock opened at ₹54, slightly up from its previous close of ₹52.32.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.