RBI approves Zurich's 70% stake in Kotak Bank’s insurance arm

The acquisition is worth Rs5,560 crore.

The Reserve Bank of India has greenlit Zurich Insurance Company's acquisition of a 70% stake in Kotak Mahindra General Insurance Company for Rs5,560 crore, as per an exchange filing by Kotak Mahindra Bank on 5 June. 

Kotak General is a wholly-owned subsidiary of Kotak Mahindra Bank. 

The approval was granted on 4 June, with Kotak Bank confirming that all necessary approvals have been obtained, and the transaction will proceed upon completion of other conditions.