Bank of Baroda will buy Union Bank stake in India First Life

Tags: Economics/Business

Bank of Baroda has agreed to buy 21%stake of Union Bank of India in the India First Life insurance company . 

After acquisition of 21%stake in the Insurance company , the Bank of Baroda stake will rise to  65 %, Union Bank of India  will hold 9% and Carmel Point Investments India will have the remaining 26% stake in the company .

For Exams  

The headquarters of India First Life Insurance company  was set up in 2009 .

Its headquarters : Mumbai 

Bank of Baroda 

It is the second largest public sector bank after SBI 

Headquarters : Vadodara , Gujarat 

Dena bank and Vijaya Bank merged with Bank of Baroda 0n 1 April 2019.

Chairman : Hasmukh Adhia 

MD and CEO : Sanjiv Chadha 

Union Bank of India 

It is a public sector bank owned by the Government of India .

Corporation Bank and Andhra Bank merged with Union Bank on 1 April 2020.

Its headquarters : Mumbai, Maharashtra

MD and CEO: Rajkiran Rai G.