Andhra Bank floats RFP for IndiaFirst Life Insurance stake sale

Hyderabad: State-owned Andhra Bank on Tuesday informed the bourses that it has floated a request for proposal (RFP) for selection of valuer and investment banker with regard to divestment of bank’s stake in IndiaFirst Life Insurance Company Ltd, in full or in part.

IndiaFirst is a joint venture between Bank of Baroda (44%), Andhra Bank (30%) and UK's wealth and investment management firm Legal & General (26%). The due date for the parties to participate is December 26.

The board of directors of Andhra Bank, at its meeting held last month, had also accorded approval for divestment of the bank’s stake, in full or in part, in other joint venture investments — ASREC India Ltd and India International Bank (Malaysia) Bhd. While Andhra Bank holds 25% stake in India International Bank (Malaysia) Berhad, it holds 26.02% stake in ASREC.

Meanwhile, the bank also extended the tenure of its chief risk officer, R Srinivasan, for a period of two years with effect from August 1, 2018


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