17th Jun 2016 07:19
LONDON (Alliance News) - Standard Life PLC on Friday said HDFC Standard Life Insurance Co Ltd, Max Life Insurance Co Ltd and Max Financial Services Ltd have entered into merger talks.
HDFC Standard Life Insurance is the FTSE 100-listed life insurer and investment manager's Indian unit, in which it holds a 35% stake.
HDFC Standard Life Insurance is the life insurance arm of Housing Development Finance Corp, the largest mortgage lender in India. Standard Life increased its holding in the venture to 35% from 26% previously in a deal completed in April.
The two Max businesses are India-based financial services firms. Max Life Insurance, meanwhile, is a joint venture with Japan's Mitsui Sumitomo Insurance Co.
Standard Life said any deal would be subject to board, shareholder, regulatory, court and other approvals and added there is no certainty any deal will proceed at the current time.
Shares in Standard Life were up 2.0% to 304.10 pence at the open on Friday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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