Central Bank of India (CBI), a public sector bank, has announced a joint venture partnership with Italian insurer Generali.  

Earlier in June 2025 the state-owned bank acquired a 25.18% equity stake in Future Generali India Life Insurance Company Limited (FGILICL) and a 24.91% stake in Future Generali India Insurance Company Limited (FGIICL).  

The collaboration aims to strengthen Generali’s brand positioning and distribution capabilities in both life and property and casualty (P&C) insurance segments in India. 

Under the shareholders agreement, both parties have rights to nominate directors, a first right to share subscription in case of new share issuances, and influence over changes in capital structure and certain day-to-day operations of FGILICL.  

Central Bank of India has also granted Generali a non-exclusive, revocable, non-transferable, and non-assignable licence to use its trademarks under a trademark licence agreement for ten years. 

A distribution agreement (DA) appoints Central Bank of India as a corporate agent for FGILICL to solicit and procure insurance business.  

The agreement spans six years, with renewal provisions every three years thereafter. 

Generali Group Asia regional officer Rob Leonardi said: “This partnership is a strong vote of confidence in our business in India. Working with Central Bank of India is an opportunity to go from strength to strength in an important growth market for Generali and comes at a good time on the back of the launch of our new strategic plan.  

“Our combined strengths have the potential to carry our Lifetime Partner proposition to new heights – from better brand recognition to enhanced distribution capabilities, all supported by our strong strategy.” 

Set up in 1911, Central Bank of India is a public sector bank with more than 4,500 branches serving more than 80 million customers.