Mumbai, Jan 21 (IANS): State-run Life Insurance Corporation of India (LIC) on Monday completed its acquisition of 51 per cent stake in the financially-stressed IDBI Bank, according to a regulatory filing by the bank.

In its meeting during the day, the bank's board approved the appointment of Rajesh Kandwal as an Additional Director and LIC's Nominee Director on the board.

"LIC completed acquisition of 51 per cent controlling stake in IDBI Bank today (Monday) on January 21, 2019, making it the majority shareholder of the bank," it said.

As per the bank, the deal which was approved by the Union Cabinet in August 2018 is envisaged as a win-win situation for both IDBI Bank and LIC with an opportunity to create enormous value for shareholders, customers and employees of both entities through mutual synergies.

IDBI Bank has about 1.5 crore retail customers and about 18,000 employees. Over 1,800 branches of the bank can be used as touch points for selling LIC policies, the filing said.