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| BoB likely to commence insurance biz in next 7 mnths | |||
| 17 Aug 2009
: The country`s third largest public sector lender Bank of Baroda announced that its life insurance venture with the UK-based Legal and General Group is likely to start operations in the next seven months, reports Economic Times. Bank of Baroda chairman and managing director MD Mallya said that the bank had made considerable progress and secured R1 clearance (initial regulatory clearance). The bank has also applied for R2 clearance from the IRDA. The proposed venture should be up and running by the end of the current fiscal and first policy should be underwritten by March 2010, he added. The three-way venture formed in November 2007 would have initial paid-up capital of Rs 2 billion. While the lead partner BoB would have 44% share in the venture, another domestic partner Andhra Bank would hold 30% share. The remaining 26% would be with the British insurance firm. Shares of the bank declined Rs 8.7, or 2.01%, to trade at Rs 423.15. The total volume of shares traded was 10,673.00 at the BSE (10.47 a.m., Monday). |
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