Axis Bank to explore long-term strategic partnership with Max Life

Axis Bank on Thursday said it has entered into a confidentiality and exclusivity arrangement to explore the possibility of entering into a long-term strategic partnership with Max Life. Axis Bank and Max Life were having a bancassurance arrangement for nearly a decade.

"Axis Bank, Max Financial Services Limited and its subsidiary Max Life Insurance Company Limited today (on Thursday) signed a confidentiality and exclusivity arrangement to explore the possibility of Axis Bank entering into a long-term strategic partnership with Max Life," the bank said in a regulatory filing. Max Life is currently the largest non-banking entity owned private life insurer in the country. Max Financial Services currently holds a 72.5 per cent stake in Max Life, while Mitsui Sumitomo Insurance and Axis Bank hold 25.5 per cent and 2.0 per cent stake, respectively.