The bank has three subsidiaries including Universal Sompo General Insurance and Ind Bank Merchant Banking Services.

Allahabad Bank and Indian Bank will be merged from April as part of the mega merger exercise.

At present, Allahabad Bank holds 28.52% in the JV while overseas partner Sompo Japan is the largest shareholder with 34.61% interest.

The general insurance firm is now busy working on a future business plan as a pre-requisite for valuation.

Sompo would buy the stake from Karnataka Bank, which holds 14.26% in the joint venture, Universal Sompo chairman O N Singh said.

Sompo holds 26 per cent in the general insurance joint venture.

The issue is priced at Rs 55 per shares, including face value of Rs 10.

Bank’s CEO says the insurer may get listed after 2 years, a good time for them to exit.

Sources in Universal Sompo said that the IRDAI directive might put the company’s day-to-day operation in bind in the absence of an MD.

Allahabad Bank has decided to hire a consultant to advise it on its proposed stake sale in the insurance joint venture Universal Sompo Gene...

The bank's board will meet on Friday to consider selling a part or all of its 30% stake in Universal Sompo General Insurance.

The finance ministry had earlier asked state-run banks to look at divesting their noncore assets in order to meet burgeoning capital requir...

Universal Sompo General Insurance Company has completed raising Rs 200 crore of equity from its promoters on Friday, a senior official said.

The firm plans to grow business by nearly 50% next fiscal and aims to collect 600 crore as premium. It expects to close the current fiscal ...

Universal Sompo General Insurance has received permission from the insurance regulator to enter the non-life business in India.

Foreign partners have been given the option by public sector banks to significantly raise their equity stake in their respective insurance ...

Uncertainty over Sompo Japan Insurance’s participation in the Allahabad Bank-led general insurance consortium is now history.