A recent press report said that Aviva is likely to offer a discount on the face value to Syndicate Bank. The consumer goods maker Dabur India owns 74% stake in Aviva Life Insurance Company India while UK-based insurer Aviva Group owns the rest.
Syndicate Bank’s net profit rose 29.3% to Rs. 343.15 crore on 30.9% increase in total income to Rs. 3689.94 crore in Q1 June 2011 over Q1 June 2010.
Reports said that Aviva Life Insurance may sell as much as 30% stake to the state-run lender Syndicate Bank in order to raise its chances in a competitive market. It also said that Dabur India owns 74% stake in the insurer while Aviva Group owns the rest.
Mohit Burman, director of FMCG major Dabur Group, said that the deal is in process, and that a decision will be taken on the stake sale, at the board meeting.
Syndicate bank is one of the oldest and major commercial banks of India. It offers a number of varied products under Deposits, Advances (home loan, personal loan, educational loan, business loans etc) to suit the needs of all types of customers. It also offers services like Cash Management Services, RTGS, and NEFT for electronic fund transfer and speed clearing.