J&K Bank seeks foreign partner for 49pc stake in broking unit

Jammu & Kashmir Bank is scouting for a foreign partner to pick up 49 per cent in its planned stock broking subsidiary, a top official said.

In August, the bank received the Reserve Bank of India's approval to set up a stock broking subsidiary. It also plans to come out with its $100 million issue of global depositary receipts by mid-December, he said.

The issue would comprise about 6 per cent of the bank's equity, he said. The bank, 53 per cent owned by the state government, over the weekend announced a 30 per cent rise in its quarterly net profit beating analyst forecasts. It posted July-Sept net profit of Rs 108 crore on total income of Rs 654 crore.

Read more in The Economic Times article.

Barclays in tie-up with Metlife

Barclays, the global giant in financial services, and Metlife India Insurance Company on Wednesday announced their bancassurance tie-up in the country that will enable the insurance company to sell its products through the banking channel of the Barclays.

Speaking about the partnership, Metlife Managing Director Rajesh Relan said," Considering a combined experience of both groups in financial services, we are confident on making a difference in the hugely promising market."

He said through other partnerships with Jammu and Kashmir Bank, UTI Bank, Karnataka Bank and Dhanalakshmi Bank, Metlife's products are currently available at over 500 bank branches in the country.

Barclays, which has been in India for nearly 30 years, more recently through Barclays Capital, has retail and commercial banking set up in Mumbai, Kanchipuram and Neelamangala near Bangalore.