Kotak Mahindra, Chubb part ways
Mumbai: Kotak Mahindra Finance and US insurer Chubb Corporation have parted ways. The decision follows Kotak Mahindras plan to concentrate on entering only the life insurance business through a wholly-owned subsidiary. Chubb Corporation intends to stay in India and is likely to scout for another partner for non-life business. Kotak Mahindra says the alliance appeared to be not feasible, as Chubb Corporation does not have any interests in life insurance business. The two had entered into a memorandum of understanding way back in 1996.
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Chase to get more equity in HDFC Bank
Mumbai: HDFC Bank has sought permission of the government to issue additional equity to partner Chase Manhattan group. The proposal is to issue additional 69,90,000 shares to two Mauritius-based Chase Manhattan arms, India Private Equity Fund and IndOcean Financial Holding. Fresh equity infusion has become necessary following the merger of Times Bank with HDFC Bank, which saw dilution of Chase Manhattans holding in the bank from 20 per cent to nearly 5.01 per cent. The proposed issue will amount to about 15 per cent of the post-merger equity of HDFC Bank.
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RPG group intends to enter insurance business
Calcutta: The highly diversified RPG group is thinking of getting into insurance. It is understood to be in talks with a foreign collaborator for the purpose. The group has been advised by McKinsey and Co to identify new areas of growth, which includes insurance and financial services, apart from retail, entertainment and music businesses. Senior officials of the group have held talks with foreign allies and the name of South African insurance major Old Mutual Group is prominent among the prospective alliance partners.
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