Punjab National Bank keeps alive its plans of foraying into insurance business and is looking for a joint venture partner.
It is looking for opportunities in both life and non-life business. It has invited expression of interest (EoI) for strategic partnership in life insurance and non-life insurance business from Indian and international companies.
In June this year (2010), PNB had parted ways with two of its partners, US-based Principal and Berger Paints, in a planned life insurance joint venture. As part of agreement with the earlier partner, each of JV partner is free to undertake business of insurance brokerage or the business of life insurance independently.
The restructuring proposals have since received regulatory approvals, it said.
It was decided that PNB will buy the entire 26 per cent stake held by Principal Financial Group and 32 per cent participating interest of domestic firm UK (Berger) Paints in Principal PNB Life Insurance Company Ltd. PNB's stake that time stood at 30 per cent in the proposed joint venture, while the remaining 12 per cent is with Vijaya Bank.
Principal PNB Life Insurance was incorporated in 2005 with an authorised capital of Rs 110 crore to commence the life insurance business. The paid-up capital of the company stood at Rs 2 crore.
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