SoftBank Executives Said to Exit Paytm, Policybazaar Boards

Reps of SoftBank Team Corp will phase down from the boards of Indian digital payments business Paytm and the guardian of online insurance coverage aggregator Policybazaar, a particular person with direct information of the make a difference reported.

The final decision is part of SoftBank’s world-wide tactic to exit from the boards of most of its listed portfolio companies, mentioned the resource, adding that the Japanese tech conglomerate predicted it would go away much less regulatory problems to tackle.

SoftBank will, on the other hand, retain its shareholding in the two Indian businesses, included the source, who spoke on ailment of anonymity as the make any difference has not however been designed general public.

SoftBank, Paytm and Policybazaar did not promptly react to Reuters request for comment.

Both Paytm, formally known as 197 Communications, and PB Fintech Ltd, the parent of Policybazaar, went community very last year. Business enterprise information web site Moneycontrol 1st noted the advancement.

© Thomson Reuters 2022

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