Generali announced Central Bank of India (CBI) as its new joint venture (JV) partner in the country. CBI is one of the oldest public sector Indian banks, established in 1911, with a market capitalisation of EUR 5.1 billion and a distribution network of over 4,500 branches serving more than 80 million customers, Generali said.

The company noted that the partnership with CBI will enhance Generali’s market presence, strengthening its brand positioning and distribution capabilities in both Life and P&C.

Shareholder structure will remain unchanged with Generali holding a 74% stake and the Central Bank of India holding up to 26%.

“We are pleased to announce this new chapter for our business in India together with Central Bank of India, who are a very strong and highly regarded local partner. We are confident this partnership will help further scale Generali’s footprint in India’s high potential market, fully in line with our ‘Lifetime Partner 27: Driving Excellence’ strategy, focusing on our core capabilities and growth in selected key geographies”, commented Jaime Anchústegui, Deputy CEO Insurance, Generali Group.

“This partnership is a strong vote of confidence in our business in India. Working with Central Bank of India is an opportunity to go from strength to strength in an important growth market for Generali and comes at a good time on the back of the launch of our new strategic plan. Our combined strengths have the potential to carry our Lifetime Partner proposition to new heights – from better brand recognition to enhanced distribution capabilities, all supported by our strong strategy”, added Rob Leonardi, Asia Regional Officer, Generali Group.