Universal Sompo General Insurance Company is a public-private joint venture. The initial promoters of the company were Allahabad Bank, Indian Overseas Bank, Karnataka Bank, Dabur Investment Corp and Sompo Japan Insurance Inc.
As early as August 2019 there were reports of a merger between Allahabad Bank and Indian Bank.
#BreakingNews: Govt announces merger of Indian Bank and Allahabad Bank. This will create 7th largest public sector bank with business of Rs. 8.08 Lakh Crore.@nsitharaman#PSBsFor5TrillionEconomy pic.twitter.com/ve9Cqd6JGh
— All India Radio News (@airnewsalerts) August 30, 2019
On 9th January 2020, Economic Times reported that Allahabad Bank, ahead of its merger with Indian Bank, was looking to let go of its share in Universal Sompo General Insurance Company. Back then Allahabad Bank held 28.52% stake.
Allahabad Bank looks to sell stake in Universal Sompo https://t.co/NofUElRs2W via @economictimes @ETFinance #banking
— Atmadip Ray (@atmadiprayET) January 10, 2020
The merger between Allahabad Bank and Indian Bank became effective on the 1st of April. Due to this merger, the new entity has a combined force of 43,000 employees, 6,000 branches, 4,800 ATMs and total business of Rs 8 trillion.
The merger also made Indian Bank the largest local shareholder of Universal Sompo General Insurance Company with Allahabad Bank’s initial 28.52%
