MFS currently holds 69% stake in Max Life, its Japanese partner Mitsui Sumitomo owns 25% with Axis Bank owning 4.9% of the venture. MFS is the holding company for Max Life, India’s largest non-bank promoted private life insurance company. Max Financial Services was formed in January 2016, as the result of a three way demerger of Max India. The MFS stock has appreciated a little over 8% in the last 1 month.īirla Sun Life is a 51:49 JV between Aditya Birla Capital Limited (ABCL) and Canada's Sun Life. Mails sent to Apax Partners and Northern Trust did not get a response till press time. Spokespersons of Max Financial, Aditya Birla Group declined to comment on speculation. They had in the past explored opportunities in asset management business but did not invest. Northern Trust too has been looking to invest in financial services in India. PE players like Apax – having invested $1.5 billion since opening India office in 2007 with plans to deploy another billion in the next 4 years - has historically been strong backer of financial services firm having backed Shriram City Union Finance, Cholamandalam Finance as well as insurance brokerages Assured Partners, Hub International worldwide. Max has option to either partner with these (beyond top four) banks or explore an M&A option,” wrote analysts with Kotak Institutional Equities last month.Ĭyril Amarchand Mangaldas is believed to be involved as a legal advisor in the ongoing Birla-Max negotiations. “We expect more bank-insurance tie-ups, beyond the top four banks.
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