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BFHL To Acquire Aegon Life Insurance, Expanding Its Financial Services Portfolio

The acquisition is subject to obtaining necessary regulatory approvals and fulfilling customary closing conditions, as stated by BFHL

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Bandhan Financial Holdings (BFHL) has signed a "definitive agreement" with Aegon India Holding and Bennett, Coleman & Company to acquire the complete shareholding of Aegon and BCCL in Aegon Life Insurance Company.

The acquisition is subject to obtaining necessary regulatory approvals and fulfilling customary closing conditions, as stated by BFHL.

Aegon Life, known for its digital focus in the life insurance sector, underwent a competitive bidding process, attracting interest from various investors. BFHL emerged as the successful bidder to take over Aegon Life. With this acquisition, BFHL is set to venture into the life insurance sector in India, expanding its presence beyond banking and mutual fund sectors, and paving the way for the establishment of a diversified financial services group.

The agreement ensures the continuity of the current management team and existing employees, allowing for the development and support of Aegon Life's strategy under BFHL's ownership.

Karni S Arha, MD of BFHL, expressed confidence in India's large and multi-faceted life insurance market. The acquisition of Aegon Life presents BFHL with an opportunity to enhance its portfolio of products and services in the financial services sector, gain access to an established technology platform and product suite, and benefit from the expertise of an experienced management team, Arha stated.