Bank of India Sells 18% Stake in Insurance JV to Partner Dai-ichi Life

State-owned Bank of India (BOI) has sold 18% stake in the insurance joint venture Star Union Dai-ichi Life Insurance Company Ltd (SUD) to its Japanese partner. "Upon change in law, Bank of India has sold its 18% stake in Star Union Dai-ichi Life Insurance Company Ltd (SUD) to Dai-ichi Life Insurance Company Limited (DILIC)," the lender said in a regulatory filing. "The shareholding of DILIC will be 44% up from 26% upon completion of the transaction after receiving necessary statutory/regulatory approvals," it added. BOI said the transaction was completed today, i.e. September 26, 2016. With this, the shareholding of BOI has come down to 30% from 48% in SUD. While, Union Bank of India will continue to hold 26%. SUD was incorporated in 2007 as a joint venture among Bank of India, Union Bank of India and DILIC to undertake life insurance business in India.