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| Name | Symbol | Market | Type |
|---|---|---|---|
| Zurich Insurance Group Limited (QX) | USOTC:ZURVY | OTCMarkets | Depository Receipt |
| Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.05 | 0.10% | 50.58 | 49.77 | 50.70 | 50.60 | 50.2132 | 50.28 | 128,650 | 21:44:36 |
From May 2023 to May 2024
By Kosaku Narioka
Zurich Insurance Group agreed to acquire a majority stake in Kotak Mahindra Bank's casualty insurance business and form a strategic alliance with the Indian bank.
Zurich Insurance said Thursday that it would invest about 40.51 billion rupees ($486.5 million) to acquire a 51% stake in Kotak Mahindra General Insurance and plans to buy an additional stake of 19% within three years from the initial purchase.
Kotak Mahindra Bank Chief Executive Dipak Gupta said its distribution channels in the country and Zurich's global capabilities have potential to create a transformational impact for the insurance business.
The acquisition is subject to approvals from Indian regulators, the companies said. Kotak Mahindra General Insurance will cease to be a subsidiary of Kotak Mahindra Bank once Zurich acquires the majority stake.
Write to Kosaku Narioka at kosaku.narioka@wsj.com
(END) Dow Jones Newswires
November 02, 2023 01:04 ET (05:04 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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