New Delhi: The country’s second largest public sector lender, Punjab National Bank (PNB), Thursday said it has selected Metlife as its partner for a proposed foray into the life insurance segment.
“We have considered offers made by various companies and selected Metlife as our partner,” PNB chairman and managing director K R Kamath told reporters here after announcing the bank’s quarterly numbers.
PNB had earlier shortlisted 10 entities from a preliminary list of 41 and further narrowed it to three for forming a partnership in the life insurance venture.
The three shortlisted life insurers were Bharti AXA, Aviva and Metlife.
Metlife India stakeholders include Jammu and Kashmir Bank, Shapoorji Pallonji and other investors, besides Metlife of the US.
Last year, PNB announced plans for a strategic partnership with an insurance player. The bank said it has decided to participate in the life insurance venture through “a corporate agency tie-up along with equity participation in an existing Indian life insurance company”.
PNB is among the few banks with a large branch network that do not have a stake in a life insurance company.
Last year, PNB decided to part ways with its foreign partner in a proposed life insurance joint venture it set up four years ago.
PNB bought the entire 26% stake held by Principal Financial Group and the 32% participating interest of domestic firm UK (Berger) Paints in Principal PNB Life Insurance Company Ltd.
PNB’s stake in the proposed joint venture was 30 %, while that of Vijaya Bank was 12%.