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Our Bureau

Mumbai , Sept. 18

The Bank of Baroda's board has approved a proposal to set up a joint venture for life insurance, it announced in a notice to the Bombay Stock Exchange on Monday. The bank will now seek regulatory approval for the venture.

It is understood that the Bank of Baroda will have majority stake in the venture. The insurance partner is likely to be a foreign one.

Other nationalised banks that have announced insurance joint ventures include Punjab National Bank with Principal Insurance, Vijaya Bank and UK Paints (formerly Berger Paints), IDBI Ltd with Fortis and Federal Bank, Bank of India with Andhra Bank and Dai-Ichi Mutual Life Insurance and Allahabad Bank with Sompo of Japan, Indian Overseas Bank, Karnataka Bank and the Dabur group as partners.

Among other banks considering the subsidiary route to enter the insurance business are Canara Bank and Oriental Bank of Commerce.

More Stories on : Life Insurance | Public Sector Banks

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