CCI approves HDFC Bank's acquisition of stake in Ergo
Premium- HDFC Bank is a public listed banking company registered with the RBI which provides a wide range of banking services
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The Competition Commission of India (CCI) on Monday said it has approved HDFC Bank's acquisition of shareholding in HDFC ERGO General Insurance Company Limited. The Proposed Combination involves acquisition of 4.99% of the outstanding equity share capital of the Target by the Acquirer from Housing Development Finance Corporation (HDFC).
HDFC Bank is a public listed banking company registered with the Reserve Bank of India which provides a wide range of banking services covering commercial and investment banking on the wholesale side and transactional / branch banking on the retail side. As a part of the retail banking segment, the bank also engages in the distribution of life and general / non-life insurance products.
Ergo is a joint venture between HDFC and ERGO International AG and is engaged in the business of general / non-life insurance in India and offers a complete range of general / non-life insurance products.
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