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Axis Bank may hike stake in Max Life Insurance

Axis Bank is all set to increase its holding in Max Life Insurance. Currently the bank currently has about 4% stake in the life insurance company and this may be increased by another 4% to 5%. However, the bank would continue to be a passive shareholder in the insurance company. The bank is bancassurance partner to Max Life Insurance for life insurance while Tata AIG is bancassurance partner for general insurance. Max Life is a joint venture between Max India and Mitsui Sumitomo Insurance. The JV has paid-up capital of Rs 2115 crore and Rs 31973 crore capital under management.

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