KOTAK ZURICH
Zurich Insurance set to raise India headcount by 40% in next three years
“India will soon be the world’s third largest economy, the largest working age population, the biggest middle class amongst emerging markets, the strongest route of growth in the G20 for insurance,” Tulsi Naidu, chief executive officer for Asia Pacific, said in an interview.
Have conviction in India story, want to be fully present: Zurich Insurance Group's Tulsi Naidu
Zurich Insurance Group has acquired a 70% stake in Kotak General Insurance, making it the largest foreign investment in the insurance sector and the first stake acquisition by an overseas insurer since the FDI limit was raised to 74% in 2021. The company's CEO, Tulsi Naidu, believes that owning and operating their own business is essential in a significant market like India. The company has considered investing in India for a long time, especially after the liberalisation of FDI rules.
Kotak Bank gets RBI nod to sell 70 pc stake in general insurance arm to Zurich Insurance
In November last year, Zurich Insurance Company announced plans to acquire a 51 per cent stake in Kotak Mahindra General through a combination of capital infusion and share purchase, followed by a subsequent acquisition of an additional stake of 19 per cent within three years from the initial acquisition for Rs 5,560 crore.
Insurance sector attracted Rs 54,000 crore FDI in last 9 years: DFS Secretary
Asset Under Management nearly tripled to Rs 60.04 lakh crore as compared to Rs 21.07 lakh crore in 2013-14, while the total insurance premium more than doubled to Rs 10.4 lakh crore from Rs 3.94 lakh crore at the end of March 2014.
Zurich Insurance to buy 70% stake in Kotak arm upfront in amended deal
Zurich Insurance Group will buy a 70% stake in Kotak Mahindra Bank's general insurance arm by paying 55.60 billion rupees (nearly $671 million) upfront instead of staggering the purchase as planned last year, the Indian lender said on Friday.
Hot Stocks: Brokerage view on Kotak Bank, SBI Cards, GAIL India and Embassy Office Parks
Global brokerage JPMorgan has maintained a neutral rating on GAIL India with a target price of Rs 175. The global investment bank has placed GAIL on a positive catalyst watch, while BofA Securities maintained a buy stance on Embassy Office Parks with a target price of Rs 385.
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Stocks in news: HDFC Bank, RIL, ZEE, Mahindra Holidays, Ashok Leyland
HDFC Bank received approval from the Reserve Bank to sell its 90% stake in the education loan company HDFC Credila- a move that will boost private lender’s income in the fourth quarter.
Zurich Insurance to acquire 70% stake in Kotak General
Zurich has agreed to pay ₹4,051 crore for 51% stake including fresh growth capital of up to ₹1,609 crore. The expected date of completion for the sale is June 30, 2024, for acquisition of 51% stake by Zurich and acquisition of an additional stake of 19% within a period of three years.
Zurich Insurance to buy 70% in Kotak General Insurance
Zurich Insurance is set to invest approximately Rs 4,051 crore for a 51% stake in Kotak General Insurance, in an agreement involving fresh capital and share purchase. Zurich also has the option to acquire an additional 19% stake within three years.
Kotak Mahindra Bank to sell 51% stake in Kotak General Insurance to Zurich Insurance for Rs 4,051 crore
Kotak Mahindra Bank has sealed a deal with Zurich Insurance, where Zurich will invest Rs 4,051 crore to acquire a 51% stake in subsidiary Kotak General Insurance. This agreement involves a combination of fresh capital infusion and share purchase, with the potential for Zurich to acquire an additional 19% stake within three years of the initial investment.
Zurich Insurance to pick 51% stake in Kotak General Insurance for Rs 4,051 crore
Once Zurich acquires the 51% shareholding in the insurance company, it will cease to be a subsidiary of the bank. The proposed transaction values Kotak General Insurance at approximately Rs 7,943 crore on a post money valuation, subject to customary closing adjustments.
Zurich Insurance eyes $400 million stake in Kotak General Insurance
Zurich Insurance is reportedly in early-stage talks to acquire up to a 51% stake of Kotak General Insurance for roughly $400m, marking its first big gamble on the growing South Asian insurance market. The potential acquisition is valuing the Indian firm at around $800m, according to anonymous sources. Zurich, one of Europe's largest insurers, has reportedly expressed an interest in either a 49% or majority stake in Kotak. India's general insurance market grew 11% in 2021-22, hitting $26.7bn, and is largely considered vastly underpenetrated, with non-life insurance penetration barely hitting 1%, compared with the global average of 4.1%.
Zurich Insurance eyes $400 million stake in general insurance arm of Kotak General Insurance
The stake the Swiss insurer wants to secure will be worth around $400 million. Kotak is still evaluating offers, including from other investors, but it prefers retaining "control of the company" after the stake sale, the first source said.
Trouble in Credit Suisse unlikely to impact India's banking system: Experts
The Switzerland-based bank, the report said, "has less than Rs 20,000 crore in assets (12th among foreign banks), presence in the derivatives market and funded 60 per cent of assets from borrowings, of which 96 per cent are up to two months. Still, it's small for the banking sector with 0.1 per cent share of assets."
Explainer: What is Credit Suisse crisis all about and how will it impact India?
However, the firm has been in financial trouble over the past 2-3 years and has been questioned for submitting its audited financial statements. Some time last year, there were also talks of a possible merger of the bank with a peer bank, but did not bear fruit
Cognizant board bound to notice underperformance, execution challenges: Wedbush
Report speculative, Board fully supports strategic direction, management team: Cognizant
Eyestem has a visionary approach to make cell therapy affordable in India
Cell and gene therapy can go a long way in treating incurable diseases, but currently it is very pricey. Eyestem wants to dramatically cut the cost associated with such treatment.
Validus Wealth plans to grow AUM five times in next 3 years
Validus Wealth, a private wealth management firm launched by the key management team of DSP Merrill Lynch led by Atul Singh after its merger with the Swiss private banking major Julius Baer, is eyeing to grow the assets under its custody at least five times over the next three years.
Stocks in the news: RIL, Titan, Kotak Mahindra Bank, Sun Pharma, Dabur India and Max Financial
Here are a few stocks which may create some buzz in Wednesday’s trade.
Arun Jaitley to leave for 6-day visit to UK, Switzerland tomorrow
Arun Jaitley will tomorrow embark on a six-day official visit to the UK and Switzerland during which he will also attend various deliberations at the World Economic Forum.
GVK Group may sell part of its Bangalore airport stake
GVK Group, the majority shareholder in both Mumbai and Bangalore airports, is planning to sell a part of its 43% stake in Bangalore Airport.
Groups of wives, daughters of top executives spend more on luxury
Bunch of affluent women - wives of senior professionals and entrepreneurs - are taking a walk on splurgy side as it seeks to break away from routine.
Stocks to watch: Reliance Industries, BIAL, Wipro
The Indian stock market is seen extending earlier day's recovery on Friday with global markets showing a positive streak.
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