PNB seeks partners for insurance business

PNB seeks partners for insurance business

New Delhi: State-run Punjab National Bank (PNB) said it has invited expression of interest (EoI) from Indian and foreign companies for strategic partnerships in insurance business.

PNB is looking at both life and non-life business and is evaluating options, India’s second-largest public sector lender said in a statement late on Wednesday.

In June, PNB bought out the stakes of its insurance joint venture partners Principal Financial Group of Mauritius and 25% of Berger Paints.

Principal Financial and Berger Paints have since received regulatory approvals to take up insurance business independently.

At 9:35 IST, shares of PNB, valued at over $8.5 billion, were up 0.66% to Rs1,232.00 in a firm Mumbai market.