Max Financial Services Limited (MFS) announced that it had signed definitive agreements with Axis Bank Limited (Axis Bank) where the companies will be joint venture partners in Max Life Insurance Company Ltd (MLI). As per the agreement, Axis Bank will hold a 30% stake in Max Life once the deal is finalized in 12-18 months (expected), pending regulatory approvals. Due to the cap on the stake that a bank may hold in a life insurance company, Axis Bank stake is likely to remain at 30% in the JV. However, shareholders of MFS...