Bandhan Financial Holdings Limited has entered into a definitive agreement with Aegon India Holding B.V. and Bennett, Coleman & Company Limited (BCCL) to acquire the entire shareholding of Aegon and BCCL in Aegon Life Insurance Company.

The pact is subject to the receipt of necessary regulatory approvals and customary closing conditions.

Aegon has a 56 per cent stake in Aegon Life Insurance Company, which was established in 2008 and has around 250 employees and serves around 300,000 customers.

Aegon Life’s new business premium was Rs 11.45 crore for the last fiscal accordingto Life Insurance Council data.

“The sale of its stake in the joint venture in India underscores Aegon’s commitment to exit from non-core businesses,” Aegon said in a statement.

“Aegon Life, being a leading digitally-focused life insurance company, had a competitive bidding process which witnessed participation from various investors.

“BFHL was selected as the successful bidder to acquire Aegon Life. Upon completion, this will mark BFHL’s foray into the life insurance sector in India in addition to their presence in banking and mutual fund sectors, thereby enabling an important step towards the creation of a diversified financial services group, which caters to the needs of all Indians,” a statement from BHFL said.

BFHL currently holds a 39 per cent stake in Bandhan Bank and is also the sponsor of Bandhan Mutual Fund, holding a 60 per cent stakein Bandhan Asset Management.