Bajaj Finserv has bought Allianz’s remaining 50% stake in Bajaj Financial Distributors, taking full ownership of the business and ending another of its joint ventures with the German insurer.
Bajaj Finserv announced the purchase on 16 January. The financial terms were not disclosed.
The move continues a steady unwinding of Bajaj’s long-standing partnerships with Allianz. It follows the group’s acquisition earlier in the month of Allianz’s 23% stake in its insurance subsidiaries for 213.90 billion rupees, around $2.38 billion, the largest deal in India’s insurance sector to date, which gave Bajaj full control of Bajaj General Insurance and Bajaj Life Insurance.
Together, the two transactions mark Allianz’s broad withdrawal from its equity partnerships with the Bajaj Group after more than two decades in the Indian market.
