Private sector lender Axis Bank today said it is in talks with Max New York Life to acquire up to five per cent stake in the latter.
“We are in talks with Max New York Life to pick up a less than five per cent stake. We are working on the valuation and the result of the talks will be known soon,” Axis Bank Executive Director and CFO S Sengupta said here.
The bank has tied up with Max New York Life to distribute the latter’s life insurance products beginning April 1 after ending its relationship with MetLife.
“Our distribution tie-up will be on, irrespective of whether we acquire a stake in Max New York Life or not,” Sengupta said. Max New York Life is a joint venture between the US-based New York Life and Analjit Singh’s Max India.
A stake, even a small one, will indicate a strong relationship between Axis Bank and Max New York Life, besides creating value for the bank, Sengupta said.
