Bank of Baroda, Andhra Bank and Legal and General Group of UK have signed the shareholder’s agreement for a joint venture to launch life insurance operations. The MoU for the joint venture was signed on 16th November 2007.
BoB, Andhra Bank and Legal and General will hold 44 per cent, 30 per cent and 26 per cent respectively in the life insurance venture named Baroda Legal & General Life Insurance Co. The company is likely to launch operations between January and March 2009, subject to regulatory approvals, at an initial capital of Rs 200 crore.
the new entity will be a pure bancassurance driven company and will not hire agents. The two banks have 4000 branches and 45 million customers.BoB has a bancassurance tie-up with HDFC Standard Life Insurance, while Andhra Bank has tied up with LIC. Both these will end once the proposed company begins operations in 2009.Legal and General has funds under management amounting to $550 billion. It is a leading UK risk, wealth and investment company with a market capitalisation of $15 billion.
Read more in
The Business Standard article.
Related story
BoB, Andhra Bank in insurance venture talk
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment