Dena Bank to enter non-life insurance

Dena Bank to enter non-life insurance
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First Published: Fri, Jul 13 2007. 04 54 PM IST
Updated: Fri, Jul 13 2007. 04 54 PM IST
PTI
Kolkata: Dena Bank is in the process of forming a joint venture to foray into non-life insurance, chairman and managing director P L Gairola said on 13 July.
The idea was at a conceptualisation stage and was yet to get approval of the board, Gairola told reporters on the sidelines of the Banking Conclave organised by FICCI (eastern region) here.
Dena Bank would hold 26% in the proposed JV, he said, adding besides Dena Bank, there would be other domestic and foreign players.
At present, the bank sells products of LIC for life and Oriental Insurance for non-life.
During the current fiscal, the bank was eyeing a credit growth of 22% and deposit growth of 23% as compared to 27% and 18% respectively in the last financial year.
Gairola said the bank was keen to maintain a capital adequacy ratio of 11% during the year which at present was at 11.52%.
He said the bank did have headroom to raise Rs8,000 crore both in tier-I and tier-II.
The bank was also in talks with State Bank of India to launch credit cards.
Dena Bank is eyeing a business of Rs57,000 crore in the current year.
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First Published: Fri, Jul 13 2007. 04 54 PM IST