News in Brief
Nippon Life eyes stake in IndusInd Bank
The move will help the Japanese Life insurance company to strengthen its distribution network.
Japanese life insurer Nippon Life is in discussion with IndusInd Bank for strategic investment in the Hinduja family-backed private lender. The move will help Nippon Life strengthen its distribution network through bancassurance.
The investment will also help the Pune-based private lender to shore up its balance sheet. Nippon Life would reportedly invest up to $150 million initially. Talks between Nippon and IndusInd Bank gained momentum after the Max Life and Axis Bank deal.
However, the discussion is at the preliminary stage and may or may not translate into a transaction. Last month IndusInd Bank was in talks with Canada's largest pension fund manager, Canada Pension Plan Investment Board, and Singapore's state investor, GIC, among others, for capital infusion. The private lender also engaged Citi and Morgan Stanley to raise up to $750 million in confidence capital from private investors.