Jammu & Kashmir Bank Ltd has decided to exit PNB Metlife India Insurance Company Ltd by selling its remaining 5 per cent stake in the insurance firm, the bank said in a stock market disclosure. It did not disclose the deal value or the name of the buyers.
PNB MetLife (earlier known as MetLife India Insurance Company) is an affiliate of MetLife, Inc. It serves its customers through more than 150 locations through its bank partners and has more than 10,000 financial advisors. The insurance company got renamed after PNB picked 30 per cent stake one year ago, becoming the single-largest shareholder of the insurance firm.
Metlife Inc holds 26 per cent stake.
J&K Bank is the only bank in the country with majority ownership vested with a state government.
(Edited by Joby Puthuparampil Johnson)