Kotak Mahindra Bank to buy out partner Old Mutual for Rs 1292 crore
"In line with its philosophy to deepen and expand in Indian financial services, KMB has entered into an agreement to purchase the entire 26 per cent equity stake held by Old Mutual in Kotak Mahindra Old Mutual Life Insurance for a consideration of Rs 1,292.7 crore," the bank said in a statement.
The life insurance joint venture was formed in 2001 with Kotak owning 74% and the rest being with the British partner. Photo: Official Website