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BoI to have 51% stake in insurance JV

BoI to have 51% stake in insurance JV
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First Published: Fri, Sep 14 2007. 06 03 PM IST
Updated: Fri, Sep 14 2007. 06 03 PM IST
PTI
Kochi: Public-sector Bank of India, which has formalised an agreement with Dai-Ichi of Japan for setting up a Rs250-crore life insurance firm, will have a 51% stake in the joint venture, a top bank official said today.
Dai-Ichi, the sixth biggest life insurer in Japan, will have a 26% stake in the JV, while another partner Union Bank of India will hold 23%, BOI executive director K R Kamath told a press meet here.
The name of the company, is likely to be ‘Star Union Dai-Ichi´ and the registration process was going on, he said.
On overseas expansion, he said the bank had plans to takeover a private bank in Nepal and talks in this regard were on.
With China, Far East and Africa being identified as the high growth centres, the bank has got licences for opening branches in Dhaka, Dubai Industrial Finance centre, and representative office in Dubai and upgradation of the office in Vietnam.
It will also be establishing a fully-owned subsidiary in Tanzania shortly, besides opening representative office in South Africa. A wholly-owned subsidiary in Canada was also on the anvil.
The bank also proposed to open two more branches in the UK, Cambodia, Angola, Thailand, Saudi Arabia and New Zealand.
Bank of India had at present 2,734 branches in India and 25 abroad.
Meanwhile, the bank opened its first service branch and 75th branch in Kerala today.
The bank has received RBI licence for opening four more branches in Kerala at Technopark, Chengannur, Kottakal and Thalassery this fiscal.
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First Published: Fri, Sep 14 2007. 06 03 PM IST