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Allahabad Bank may sell part of stake in insurance company

Allahabad Bank is proposing to sell part of its 30% stake in Universal Sompo General Insurance Company as part of its plan to divest non-core assets. The bank’s MD and CEO Usha Ananthasubramanian said the insurance company is a performer and it may get listed on the bourses and that would be the best time to sell the stake. Indian Overseas Bank holds 19% in Universal Sompo, while Karnataka Bank has 15% and non-bank promoter Dabur Investments 10%. The overseas partner Sompo Japan Nipponkoa Insurance holds 26%. The non-life insurance company is in the process of raising capital by way of rights issue of shares. Usha Ananthasubramanian said Allahabad Bank may not like to go below the 26% stake in the company as of now even as the stake may come down in the wake of the rights issue.

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