New Delhi: Country’s leading lender State Bank of India invited expression of interest (EoIs) on 4 January for its proposed foray into non-life insurance segment.
“The bank is looking for a joint venture partner for its proposed foray into non-life insurance in accordance with the foreign direct investment regulations for insurance companies in India,” SBI said while inviting the EoIs.
The prospective JV partner is expected to bring in non-life insurance experience in mature and emerging markets, relevant knowledge of product development, risk management and other systems, technology and underwriting best practices.
Interested parties can submit their EoI by 21 January, SBI said. The group is already present in life insurance in partnership with French firm Cardif SA.
The bank has a total business of more than Rs6,99,980 crore (178 billion) and the group has a branch network of 14,000. It also has subsidiaries in mutual fund and merchant banking in the country.