State-owned lender Central Bank of India has completed a major strategic acquisition, securing 24.91% equity stake in Future Generali India Insurance Company Ltd (FGIICL) and 25.18% stake in Future Generali India Life Insurance Company Ltd (FGILICL). The bank announced the development in an official statement on Friday.

Alongside the acquisition, the Central Bank of India also finalised key definitive documents with global insurance major Generali Group, including agreements on shareholders’ rights, trademark usage, and distribution partnerships.

“This marks the culmination of a significant strategic initiative aimed at strengthening the Bank’s presence in the insurance sector through its joint ventures in life and general insurance,” the lender said. The move aligns with the government’s vision of ‘Insurance for All’ by 2047, aiming to deepen insurance penetration and financial inclusion across India.

By leveraging Central Bank of India’s extensive network of over 4,500 branches and 20,000+ customer touchpoints, along with Generali’s global insurance expertise, the partnership is set to offer a wide range of life, health, and general insurance products tailored for the Indian market.

The bank also emphasised its focus on serving underserved segments—both geographically and economically—through this collaboration, targeting its vast existing customer base with comprehensive insurance solutions.

The acquisition was supported by Ashvin Parekh Advisory Services LLP (APAS) as the business and transaction advisor, while legal and documentation processes were overseen by Cyril Amarchand Mangaldas (CAM), a leading law firm.

Founded in 1911, Central Bank of India is one of the country’s oldest banks, while Generali operates in over 50 countries and is globally recognized for its customer-centric insurance offerings.

The move signals a robust step forward in India’s insurance landscape and reflects growing synergy between public sector banking and global insurance expertise.