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Hyderabad, Nov. 19

Andhra Bank has forayed into life insurance business by partnering with Bank of Baroda and Legal and General, a British insurer. “We have entered into a Memorandum of Understanding a couple of days ago with Legal and General, and Bank of Baroda to form a life insurance venture,” Mr K. Ramakrishnan, Chairman and Managing Director, Andhra Bank, told Business Line here. The total investment in the venture could be over Rs 200 crore. “In th is, Andhra Bank will have a 30 per cent stake while Bank of Baroda and Legal and General will hold 44 per cent and 26 per cent, respectively,” he said. The venture could come into existence in six to eight months. “Many modalities are yet to be decided. As of now we can say that all branches of our bank will have separate counters to sell insurance products,” he added. —

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