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SBI shortlists three for general insurance venture

SBI shortlists three for general insurance venture
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First Published: Thu, Aug 02 2007. 08 10 PM IST
Updated: Thu, Aug 02 2007. 08 10 PM IST
PTI
Kolkata: State Bank of India (SBI), the country’s biggest lender, has shortlisted three foreign partners for its proposed foray in the general insurance venture, chairman and managing director O P Bhatt said today.
Bhatt told reporters on the sidelines of the Banking Conclave here there was a possibility that the general insurance company would be formed in the current fiscal.
He said SBI would form a holding company for SBI Life and SBI Mutual Fund shortly. Strategic investors might also be given a part of the stake in the holding company.
Giving the rationale for floating the holding company, Bhatt said it would be done to synergise operations and to get a valuation. The holding company might also get listed on the bourses at a later date, he said.
To a query, he said SBI would also create a separate company for management of pension funds.
Talking about capital requirement, he said SBI would require Rs15,000 crore to sustain business. He also said the bank was yet to decide on equity dilution for rasing funds.
On interest rates, Bhatt said they have peaked, but “whether it will come down, I cannot say”.
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First Published: Thu, Aug 02 2007. 08 10 PM IST