Axis Bank is all set to acquire a stake in Max New York Life Insurance. The bank will be acquiring a small stake of 5% with the life insurer. This 5% stake has been valued by analysts at Rs. 4, 500 crore.

Max New York Life Insurance is a joint venture between Max India promoted by Analjit Singh and US based New York Life. The company provides services all over the country and has Rs. 9000 crore asset under management (AUM).

After becoming a stake holder in the life insurance company, Axis Bank has plans to sell the company's insurance products through its banking channels. The partnership is almost in its final stages, sources having knowledge about the agreement said.

Axis Bank earlier had an agreement with MetLife India due to which it used to sell products of the insurer. But it has terminated its agreement with MetLife.

Max New York Life was established in India in 2001. it is the seventh largest life insurer in the country presently. The company has a customer base of 4.3 million and has 714 branches pan India. It has a number of corporate agencies under its umbrella and apart from that it has 7, 200 agents.

The capital base of the company is of Rs. 1, 786 crore. It has a total sum assured of Rs. 1, 14, 000 crore in its kitty.

The company had raised capital worth $115 million through 15 month fully convertible debentures from Goldman Sachs. After the conversion of these debentures to equity Goldman Sachs will acquire 9.4% stake with the insurer.