Bank of Baroda to offer Life Insurance
April 1st, 2007 Leave a comment Visited 129 times, 1 so far today
Bank of Baroda to offer Life Insurance
Mumbai-based Bank of Baroda has announced that they would soon start offering Life Insurance solutions to their customers.
BoB has announced a joint venture they are setting up with two other nationalized banks Punjab National Bank and Andhra Bank.
Anil K Khandelwal, chairman and managing director of BoB said: “BoB will own 40% of the proposed venture while PNB and Andhra Bank will hold 35% and 25% respectively.”
The company has also announced that UK-based insurance firm Legal and General would be their joint venture partner for the insurance business.
Khandelwal said: “We will hold 50% in the insurance JV while the Legal and General will own 26% and we are scouting for the third partner.”
The bank also revealed that they have now upgraded the status of its two branches in Hong Kong to full fledged branches.
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