CaixaBank boosts its market shares in foreign trade between Spain and India and reinforces its commitment to the corridor
In 2025, CaixaBank boosted its market shares in foreign trade between Spain and India, consolidating its position as a benchmark financial partner for European companies operating in the Asian country and reinforcing its commitment to driving bilateral trade and investment flows.
The bank, which has been present in India for 15 years through a representative office, strengthened its market shares in 2025 in export documentary credits between Spain and India, reaching 56.6% compared with 35.4% in 2024; in import documentary credits, rising to 31% (+210 basis points); and in guarantees managed between the two countries, reaching 55% (+80 basis points).
These growth figures reflect CaixaBank’s commitment to developing economic relations between the two countries, which will be strengthened by the signing of the trade agreement between the European Union and India in January 2026, expected to enter into force in 2027.
CaixaBank, accompanying its clients to India for the past 15 years
CaixaBank opened its representative office in New Delhi in 2011 as a strategic platform to support its corporate clients in their internationalisation and growth processes in one of the world’s fastest-growing economies, and to support international trade flows along the Spain-India corridor.
From the office, and in coordination with CaixaBank’s specialised teams in Spain and the rest of the Group’s international network, the bank provides services and support in foreign trade and investment activities to CaixaBank corporate clients with interests in the region, as well as to Indian companies, offering trade finance solutions, guarantees, standby letters of credit and a broad range of corporate banking services tailored to companies’ needs. It provides market intelligence, support for country-entry strategies, facilitates relationships with local financial institutions and counterparties, and collaborates in structuring complex international transactions.
Over the years, CaixaBank has developed a close relationship with India’s leading financial institutions. The bank also maintains strong collaboration with chambers of commerce, business associations, institutional bodies and companies from both countries with the aim of fostering new business opportunities and strengthening economic relations between the two countries.
Today, the office has four employees, three of whom are local professionals with extensive experience in the country’s market. In this way, the bank combines local knowledge with the financial strength and capabilities of the CaixaBank Group, which, in addition to its International Banking network, has an extensive network of foreign trade specialists focused on offering companies close advisory support and the right momentum in their internationalisation process, with financing adapted to their specific needs.
In recent years, India has consolidated its position as one of the main drivers of global economic growth and offers significant opportunities for companies in sectors such as infrastructure, renewable energy, manufacturing, technology, industrial equipment and pharmaceuticals. According to some studies, it is already the world’s fourth-largest economy, behind the United States, China and Germany.
CaixaBank’s international presence
CaixaBank’s international network is made up of branches and representative offices around the world. This network supports corporate and business clients operating abroad, as well as local companies, thanks to its global reach through more than 300 professionals, nearly 30 international service points and agreements with more than 1,600 correspondent banks. The network provides coverage in more than 70 countries and represents 82% of global GDP.
CaixaBank’s international presence comprises six branches —in the United Kingdom, France, Germany, Italy, Poland and Morocco— and 17 representative offices across five continents. The financial institution also has two banking subsidiaries: Portugal’s Banco BPI, the country’s fourth-largest financial institution by assets, and CaixaBank Wealth Management Luxembourg, the CaixaBank Group’s international private banking subsidiary. It also has a Spanish Desk at Mexico’s Inbursa in Mexico City to serve CaixaBank corporate clients in that market.
Aviva agrees to purchase remaining 26% stake in India joint venture
Aviva has signed an agreement to purchase the remaining 26% share of Aviva Life Insurance Company India Limited (“Aviva India”) from Dabur Invest Corp (“DIC”), its local joint venture partner. This will take Aviva’s ownership of Aviva India to 100% and will give Aviva full control over the strategic direction of the business.
Aviva India is currently a life insurance joint venture between DIC and Aviva which was formed in 2001. The acquisition follows recent regulatory foreign direct investment (“FDI”) changes in India, which now allow foreign insurers to increase their shareholdings in local insurance companies to 100%. There were similar increases in Aviva’s shareholding in 2016 and 2022 following changes to the FDI regulations.
Financial impacts of the transaction are not material to Aviva.
On completion of the transaction, the current joint venture agreement will be terminated. Completion will happen in due course.
Aon Launches India Life and Health Reinsurance Practice; Names Renuka Nar and Neha Shah to Leadership Roles
Aon plc (NYSE: AON), a leading global professional services firm, today announced the launch of its life and health reinsurance practice in India to drive new capital into the sector and help shape better decisions for clients.
Renuka Nar has been named head of broking of the new practice, reporting to Shailendra Sapra, CEO of Reinsurance Solutions in India for Aon. Joining Aon from broker Howden, Nar will be responsible for leading and developing Aon’s India life and health reinsurance services, business strategy and value proposition, and will collaborate with reinsurance markets across the Asia Pacific region to expand the firm’s offerings to the benefit of clients.
Meanwhile, Neha Shah joins Aon from Gen Re India as the practice’s chief actuary. Also reporting to Sapra, Shah will be responsible for leading and developing Aon’s actuarial service offering and supporting the strategy execution for Aon’s life and health reinsurance business in India. She will also collaborate with the firm’s life and health reinsurance teams across the Asia Pacific region and internationally.Aon’s broader Life reinsurance broking team comprises of more than 40 specialists in Asia Pacific. The new India life and health practice will leverage the team’s global market relationships and product solutions to help insurers navigate complexities and capitalize on opportunities, with expertise across capital, pricing, risk analysis and technology.
The new team will help bring sustainable reinsurance capacity to India’s life and health insurance sector, supporting cross border reinsurers to enter the market to facilitate insurance market growth in line with Indian Government aims. The practice will help clients in key areas, including:
• Better managing and optimizing capital positions;• Managing inherent insurance and financial volatility;• Enhancing the client experience through better product design and distribution;• Improving shareholder value through higher returns on optimized capital and reduced earnings volatility.
Clients of the new practice will have access to a range of dedicated tools, such as Aon’s Life Risk Modelling Suite, which offers enterprise solutions for pricing, projections, valuation and hedging, using a high-performance GPU-based engine (PathWise®) to deliver speed, automation and governance.
Sapra said: “We are excited to launch our new life and health reinsurance practice in India, which is designed to accelerate the growth of this market, and address important client needs through new solutions and capacity. With Renuka and Neha taking leadership roles, we are confident that this new capability will help to shape better business decisions for our clients in this sector.”
Zurich acquires majority stake in Kotak General Insurance; to build a leading general insurer for India
Zurich acquires 70% of Kotak General Insurance, becoming the first foreign insurer to enter India since the FDI rules were amended to allow up to 74% foreign ownership in 2021.
Zurich and Kotak will jointly build a leading general insurer in India, bringing together Zurich’s global insurance leadership and scale with Kotak’s local expertise and reach.
Acquisition positions Zurich in one of the world’s most important growth markets and reflects continued progress in Asia Pacific.
Zurich Insurance Company Ltd. (“Zurich”) today announced the successful completion of acquiring majority stake in Kotak Mahindra General Insurance Company Limited (“Kotak General Insurance”) from Kotak Mahindra Bank Limited (“Kotak”), following the receipt of all necessary regulatory approvals.
Zurich has acquired a 70% stake in Kotak General Insurance for a total consideration of Rs. 5,560 crores (i.e., USD 670 million), through a combination of fresh growth capital and share purchase. The transaction marks the largest foreign investment in India’s general insurance market and is the first by a foreign insurer since the foreign direct investment (FDI) limit was raised from 49% to 74% in 2021. With this entry, Zurich is fully committed to fostering the development and expansion of India’s insurance sector in keeping with the Insurance Regulatory and Development Authority of India’s (IRDAI) goal of achieving “Insurance for All” by 2047. The combined entity will bring to the Indian market, Zurich and Kotak’s collective commitment to trust, innovation, integrity, and customer service. In due course, the business will adopt a new brand that represents both Zurich and Kotak as shareholders.
India’s general insurance market is poised for substantial growth, driven by greater consumer awareness of the benefits of insurance, continued development of digital and financial infrastructure, and a large and growing middle class. The strong growth in India’s SME and corporate sectors will see demand for commercial insurance solutions. Customers in these segments have distinct and complex needs that require a diverse range of commercial propositions to manage and minimize business continuity risks. As an established industry leading insurer, Zurich has a proven track record in delivering differentiated services and solutions to retail and commercial customers underpinned by strong underwriting discipline and capability.
“The acquisition of Kotak General Insurance sets the way forward for Zurich to be a leading player in a very significant growth market – India. This is a key strategic step for Zurich,” said Tulsi Naidu, CEO, Asia Pacific, Zurich Insurance Group. “India’s insurance market offers immense potential, and together with Kotak, we are committed to supporting its growth and development. We have the global scale, strong expertise in managing complex risks, digital capabilities, and technology leadership to bridge the insurance protection gap. Our goal is to build resilience among Indian customers and businesses through simple and innovative solutions.”
Shanti Ekambaram, Deputy Managing Director, Kotak Mahindra Bank said, “We are excited about the partnership with Zurich as we aim to leverage our combined local knowledge and global expertise to enhance insurance coverage in India. The new entity will unlock the next phase of growth for Kotak General Insurance and create a leading non-life insurance franchise that will focus on technology and scale, while prioritizing customer needs.”
Suresh Agarwal, Managing Director & CEO, Kotak Mahindra General Insurance said, “This milestone marks a pivotal moment for us and will catalyze our expansion in the market by offering comprehensive solutions tailored to meet the evolving needs of our diverse customer base. This is a major stride in advancing our mission of enhancing insurance penetration in India through technology, scale, and bringing global best practices to our business to provide value-adding experiences to our customers. We are committed to set new benchmarks for the general insurance industry.”
The transaction was announced in November 2023 and was subject to customary conditions precedent including regulatory approvals from the Reserve Bank of India, Insurance Regulatory and Development Authority of India, and the Competition Commission of India. All necessary approvals have been received.
Metlife Foundation provides financial support to help India and Bangladesh fight Covid-19 spread
MetLife Foundation announced that it is donating USD1.5 million to fund targeted support in India and Bangladesh as both countries struggle to cope with the devastating wave of COVID-19 cases.
The Foundation will channel funds through its partners, including:
– Habitat for Humanity (India) – to deploy additional beds, equipment, and set-up costs for COVID-19 emergency facilities in Delhi, Maharashtra, Karnataka and Uttar Pradesh- Healing Fields Foundation (India) – to provide tele-consultation, food supplies, medicines, and other home-isolation and management support across 300 villages in some of the most vulnerable states and districts in India- Sajida Foundation (Bangladesh) – to support low-income families, predominantly in the capital city of Dhaka, with access to healthcare and other basic needs
Kishore Ponnavolu, President, Asia for MetLife, said: “We have all watched in grief as India and Bangladesh have been engulfed by this wave of infections and deaths. We pray that MetLife Foundation’s donations will help to alleviate some of the strain on healthcare services and bring hope to those who need it most.”
In addition to MetLife Foundation’s USD1.5 million donation, MetLife employees will be able to donate to relief efforts in India, Bangladesh and countries in Latin America facing severe spread of COVID-19 and have their contributions matched by the Foundation.
Ashish Kumar Srivastava, Managing Director & CEO, PNB MetLife, said: “The pandemic is an unprecedented crisis and India has been severely impacted by this latest wave of COVID-19. There is an immediate requirement to support medical infrastructure for those affected and we at PNB MetLife thank MetLife Foundation for supporting India during these testing times with aid across key impacted regions. We are humbled by MetLife standing by us, our society and our nation.”
Ala Ahmad, CEO of MetLife Bangladesh, noted: “We are very proud of the efforts of MetLife Foundation in mitigating the impacts of the ongoing COVID-19 situation in Bangladesh. We stand with our fellow citizens at this time of need and will do our very best to give necessary assistance to the health and wellbeing needs of the people affected by this pandemic.”
India: Green, safe and affordable public transport for Kanpur as EIB invests €650 million into city metro rail
EU bank to invest €650 million in Kanpur city rail in its second biggest operation outside the EU to date.
EIB will finance a 32.4 km metro line with 18 elevated and 12 underground stations, as well as acquisition of rolling stock.
Total EIB investment in connectivity projects in India and green infrastructure is now €2.6 billion.
Kanpur metro rail system will improve safety of commute, especially for female travellers.
The European Investment Bank (EIB) will invest €650 million into the construction of Kanpur’s first city metro line, enabling some 3 million people in the city of Kanpur, India, to benefit from green, safe, fast and affordable public transport. The new metro rail system will reduce commuting hours and unlock new employment and education opportunities in Kanpur, the industrial capital of Uttar Pradesh. This is the second metro rail project supported by the EIB in Uttar Pradesh, following the €450 million investment in the development of a metro rail system in the city of Lucknow.
The second biggest EIB operation outside the EU to date will finance the construction of a 32.4 km urban rail line, with 18 elevated and 12 underground stations. Once completed, Kanpur metro rail will create 1 100 new jobs and enable around 116 million more affordable commutes each year.
This is the fifth EIB investment in green infrastructure and connectivity in India and the second in the state of Uttar Pradesh. The EU bank has invested in metro rail systems in Bhopal, Pune, Bangalore and Lucknow. With the Kanpur investment, the total amount of the EIB’s approved support for metro rail systems in India has reached €2.65 billion, more than half of the entire EIB investment portfolio in India.
In addition to creating an affordable and accessible public transport network and a reliable alternative to heavily congested streets, the new metro will reduce pollution and greenhouse gas emissions and improve air quality across the city. With easier access to the local job market, healthcare and education for residents, Kanpur metro rail will have a positive impact on quality of life and doing business, and increase safety for female travellers.
Andrew McDowell, Vice-President of the European Investment Bank, said: “Kanpur is the fifth metro rail project to receive EIB funds in India and the biggest investment made by the Bank outside the EU. The metro will have a positive impact on quality of life and doing business in the city through access to affordable transport, creating new employment and education opportunities. It will be a safe, green and affordable transport alternative for Kanpur and its visitors. We are also glad to see this project is contributing to global climate action while strengthening EU-India relations.”
H.E. Ugo Astuto, the EU Ambassador to India, said: “At the last summit on 15 July, the EU and India discussed how to put climate action and the green transition at the heart of our economic recovery post COVID. Sustainable mobility is a key component of this strategy, towards modern, clean and healthy economies. The Kanpur project is an important investment in making public transport efficient, safe and sustainable. I am happy to see the European Investment Bank fully engaged in this transformational process.”
Kumar Keshav, Managing Director of Uttar Pradesh Metro Rail Corporation, said: “UPMRC is extremely thankful to European Investment Bank for their continued support for the development of metro rail projects in the state of Uttar Pradesh. Comfortable, fast, safe, energy efficient and affordable public transport systems like metros are needed for cities to become the engines of growth in our country. The faith and whole-hearted support of the EIB in funding the Lucknow metro, a world-class metro system in the capital city of Uttar Pradesh ahead of the stipulated time and within the approved cost is a source of pride for all of us. On behalf of the UPMRC team, I again assure you that fulfilling the trust shown by the EIB in funding the Kanpur metro project will be our highest priority in delivering this prestigious project on time, which will further accelerate the long-term economic and social development of the city.”
The EIB investment will accelerate the social and economic recovery of the city in the aftermath of the COVID-19 pandemic and support the long-term re-emergence of the local economy. The investment also bolsters the Government of India and its Urban Development “Smart Cities Mission”, as Kanpur is one of the first 100 targeted Smart Cities in the country.
The Kanpur metro rail project will help India achieve a number of UN Sustainable Development Goals (SDGs), namely SDG 13 (climate action), SDG 11 (sustainable cities) and SDG 5 (gender equality).
Deutsche Bank India’s TradePay app wins BankTech Award
Deutsche Bank India has won the BankTech Award for its TradePay application at this year’s BFSI Summit and Awards. The –“Best Use of IT – Payment Systems” award was presented at a ceremony in Mumbai on February 27, 2020 and recognised the application’s innovative solution that reduces the turn-around time for banking processes for importers and exporters.
Deutsche Bank was the only foreign bank to receive an award in the BankTech category, which was instituted this year.
Anand Jha, Deutsche Bank’s Head of Trade Finance India says: “The pace of digitalization is gaining momentum in India and we are delighted to be a part of this journey. TradePay meets the requirements of clients and regulators by reducing the time taken for cross-border trade and makes it easier to do business.”
TradePay was launched at the end of 2017. Using the web portal, Deutsche Bank clients can share information and documents related to imports and exports electronically. The end-to-end workflow is thus digitized and does away with the need to maintain a lengthy paper trail. The bank ensures the veracity of the documents and registers them, as required by the government. Any discrepancies identified by the bank can be rectified by the client in the system itself.
“Owing to the digital workflow, we are now able to complete the entire review and approval process within just a couple of days – something that would take up to 15 days in the past,” says Umang Agarwal, Trade Finance Product Manager at Deutsche Bank, who was also involved in designing TradePay.
The system reduces complexities and delays in the supply chain, enhances controls and transparency of payments and increases the speed of settlement, while also ensuring regulatory requirements are adhered to.