• Corporate
• Markets
• Info-Tech
• Marketing
• Money & Banking
• Agri-Biz & Commodities
• Industry & Economy
• Logistics
• Government
• Opinion
• Corporate Results
• Columns
• States
• Web Extras
• Index

• Investment World
• eWorld
• Brand Line
• Mentor
• Life
• Brand Quest
• The New Manager
• BL Club
• Smartbuy
• Books
• Gallery

• Quotes
• SE Diary
• Scoreboard
• Open-End Mutual Fund

• Rates

• Ports

• Yesterday
• Datewise
• Resources
• In Focus
• In Depth
• Events 2007

Subscription

• Business Line

Group Sites

• The Hindu
• Business Line
• Sportstar
• Frontline
• The Hindu eBooks
• The Hindu Images

NEW DELHI: Baroda Legal & General Life Insurance, a Bank of Baroda-promoted venture that is slated to begin its operations by this fiscal-end, has already hired about 400 employees.

“We have already employed about 400 people as we are expecting R3 (final) approval soon from the insurance regulator IRDA,” Baroda Legal & General Life Insurance CEO, Mr P Nandagopal said.

“We expect the final approval in a month or so,” he said, adding that the company will then file draft offer for its products. The proposed venture should underwrite its first policy before March 2010, he said.

The three-way venture formed in November 2007 would have initial paid-up capital of Rs 200 crore.

While the lead partner Bank of Baroda would have 44 per cent share in the venture, another domestic partner Andhra Bank would hold 30 per cent stake. The remaining 26 per cent would be with the UK-based Legal & General.

The two banks have over 4 crore customers, who could be the captive client for the proposed insurance business. Together these banks have network of about 4,000 branches across the country. - PTI

Prev: Finance Minister to resolve DoT-Defence spat over 3G

Copyright copy; 2009, The Hindu Business Line. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu Business Line