On Friday, the private sector lender Kotak Mahindra Bank (KM) has said that it is buying out British partner Old Mutual’s entire 26 percent stake in its life insurance arm for Rs 1,292.7 crore.

The bank has said in a statement that “In line with its philosophy to deepen and expand in Indian financial services, KMB has entered into an agreement to purchase the entire 26 percent equity stake held by Old Mutual in Kotak Mahindra Old Mutual Life Insurance for a consideration of Rs 1,292.7 crore.”

It further said that the buyout is subject to regulatory and other approvals, and will result in the Kotak Mahindra Group holdings 100 percent equity in Kotak Life.

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