Hurry Up!Ernst & Young Recommends Merger of Three State-Owned Insurers
Published On Aug 31, 2019 12:00 AM By Chinansuka Agarwal
In the bid floated in June 2018, Ernst & Young was shortlisted to advise on the merger concerning 3 PSU general insurers. In the ongoing advancement, Ernst & Young (EY) suggested the merger of three state-owned insurers in India. The timeframe of the merger between United India Insurance, National Insurance and Oriental Insurance is proposed to happen within 18 months. This time period was chosen by the core committee formed by three insurers.
According to EY, the merger isn’t probably going to cause any significant layoffs, as each of these three PSUs is working with an optimal number of employees and have downsized on hiring.
The main challenges of the merger include the integration of work culture, rationalisation of branches and combination of work culture. Inside the 18 months time period, EY will assess the assets of the three companies and will come up with a project report. There are total 6000 offices of the three companies across India.
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Ernst & Young Shortlisted to Advise on Merger of 3 PSU General Insurers
