CCI approves stake buy by PNB in MetLife India Insurance

Fair trade regulator CCI has approved 30 per cent stake purchase by state-owned Punjab National Bank (PNB) in MetLife India Insurance Company. CCI said "Although PNB provides services to MetLife India as a distribution agent, the share of MetLife India in the business of life insurance is relatively insignificant and is not likely to raise any adverse effect on competition in India,".

MetLife International holds a 26 per cent stake — the maximum foreign direct investment allowed in the insurance sector — and Indian shareholders own the remaining 74 per cent. MetLife India is a joint venture comprising, among others, J&K Bank, M. Pallonji Group, the US-based MetLife International, IGE India, and Chintalapati Holdings.

Metlife to be re-branded by PNB Metlife. On closing of the above transaction, the company will be rebranded as PNB Metlife India Ltd.