BOB to venture into life insurance biz
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Bank of Baroda is tieing up with a UK-based Bank along with the domestic Andhra Bank for undertaking a life insurance business, its Chairman and Manging Director M D Mally said.
Bank of Baroda, Andhra Bank and UK based Legal and General Company are also in the process of forming a joint venture company, which would be known as BOB Legal and General for undertaking the business of life insurance, he added.
In this new joint venture, BOB's will have 44 percent stake, Andhra Bank 30 percent and rest 26 percent shares will be with the UK-based.
BOB Asset Management, a subsidiary of the bank had earlier formed a joint venture with Italy-based Pioneer company to form BOB Pioneer Asset Management Company, in which BOB holds 51 percent.
Malliya also announced the launch of two more branches in Gandhinagar and Kota Rajasthsn taking the total number of branches to five across the country.
He described it as an innovative experience of next generation banking for the youth segment.
The Executive Director of the Bank Satish C Gupta announced the launch of four exclusive products for the youth segment which would be available at gen-next branches only. These products include gen-next life style, gen-next power, gen-next suvidha and gen-next junior.
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