Bandhan Financial Holding Ltd is set to wholly acquire the entire stake of Aegon India Holding and Bennett, Coleman & Company Ltd in Aegon Life Insurance Company.

Upon completing this transaction, Bandhan Financial Holdings will enter into the country’s life insurance sector in addition to its presence in the banking and mutual fund sectors.

Aegon Life Insurance is a digitally focused company with over 300,000 customers.

Bandhan Bank’s promoter company, Bandhan Financial Holdings, was selected as the successful bidder to acquire Aegon Life.

The agreement entails the continuity of the current management team and existing employees, which will play a critical role in developing and supporting Aegon Life’s strategy under the new ownership.

The managing director of Bandhan Financial Holdings Limited, Karni S Arha, said, “Bandhan has always focused on financial inclusion and making formal financial services available to the general people. We believe that life insurance in the country is a large multi-faceted market and together with the demographic advantage as well as favourable economic outlook, it presents a significant business opportunity.”

“The acquisition of Aegon Life provides us an opportunity to enhance our portfolio of products and services in the financial services sector combined with access to an established technology,” he added.