bob: Bank of Baroda plans to list life arm next fiscal

MUMBAI: Bank of Baroda (BoB) is considering an initial public offer (IPO) of its insurance arm IndiaFirst Life in the next financial year. BoB holds a 44% stake in IndiaFirst with Union Bank and Carmel Point Investment (Warburg Pincus) 30% and 25% respectively. “Life insurance had a bit of a rough ride during Covid, but this company has continued to perform very well. In the last quarter, it was the fastest-growing life insurer and its ranking moved up from 12 to 10,” said BoB MD & CEO Sanjiv Chadha. “We are very invested in the business.” Chadha confirmed that an IPO was one of the routes being considered.

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