Punjab National Bank (PNB) has acquired 30 per cent of the equity share capital of Metlife by way of a share purchase agreement. The Competition Commission of India (CCI) has given its approval for this acquisition by PNB..Both PNB and MetLife India had approached the CCI for approval on December 7, 2012..The merger notification in this sector was the first time that the CCI reviewed the bancassurance sector, according to Amarchand press release. The deal involved the life insurance sector as well as the bancassurance sector..Amarchand Mangaldas advised PNB with a team led by Competition Law Partner Nisha Kaur Uberoi along with Corporate Partner Vandana Shroff..Tatva Legal advised Metlife with a team led by Partner Avinash Mody..On closing of this transaction, the private sector life insurer would be re-branded as PNB Metlife India Ltd.
Punjab National Bank (PNB) has acquired 30 per cent of the equity share capital of Metlife by way of a share purchase agreement. The Competition Commission of India (CCI) has given its approval for this acquisition by PNB..Both PNB and MetLife India had approached the CCI for approval on December 7, 2012..The merger notification in this sector was the first time that the CCI reviewed the bancassurance sector, according to Amarchand press release. The deal involved the life insurance sector as well as the bancassurance sector..Amarchand Mangaldas advised PNB with a team led by Competition Law Partner Nisha Kaur Uberoi along with Corporate Partner Vandana Shroff..Tatva Legal advised Metlife with a team led by Partner Avinash Mody..On closing of this transaction, the private sector life insurer would be re-branded as PNB Metlife India Ltd.