Sumitomo Mitusi backs Reliance’s banking license bid

Nippon Life Insurance also involved.

Japan’s second largest megabank and its second largest insurance company are supporting the bid of Reliance Capital Ltd for a banking license. Reliance is the financial services arm of the Anil Ambani’s Reliance Group.

The backing has led Reliance to apply for a banking license with the Reserve Bank of India. Reliance said Sumitomo Mitusi Trust Bank Ltd and Nippon Life Insurance Company have proposed to hold stakes of 4% to 5% each in the company.

Nippon Life Insurance is already a strategic partner of Reliance Capital in its asset management and life insurance business with a 26% stake in the firm.