The Hindu Business Line : BoI, Dai-ichi, Union Bank join hands

New Delhi, Dec. 6 Bank of India, Dai-ichi Mutual Life Insurance company, Japan and Union Bank of India have come together to set up a joint venture life insurance company.

The venture has been named as “Star Union Dai-ichi Life Insurance Company Limited”.

“We plan to roll out the products by April next year. The joint venture company will soon be registered. We will obtain necessary clearances for the products from the Insurance Regulatory and Development Authority as soon as the company is registered,” Mr T.S. Narayanasami, Chairman and Managing Director of Bank of India, said at the joint venture agreement signing ceremony here today.

He said the joint venture would have a paid-up capital of Rs 250 crore to start with. The agreement, signed in the presence of the Finance Minister, Mr P. Chidambaram, envisages a stake of 51 per cent by BoI, 26 per cent by Dai-ichi Life and 23 per cent by Union Bank.

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