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Axis Bank signed a confidentiality and exclusivity arrangement to explore the possibility of entering into a long-term strategic partnership with Max Life. Axis Bank and Max Life were having a bancassurance arrangement for nearly a decade.
"Axis Bank, Max Financial Services Limited and its subsidiary Max Life Insurance Company Limited today (on Thursday) signed a confidentiality and exclusivity arrangement to explore the possibility of Axis Bank entering into a long-term strategic partnership with Max Life," the bank said in a regulatory filing.
Max Life is currently the largest non-banking entity owned private life insurer in the country.
Max Financial Services currently holds a 72.5% stake in Max Life, while Mitsui Sumitomo Insurance and Axis Bank hold 25.5% and 2.0% stake, respectively.