PNB decides to have a fresh look at Insurance Business in India

Published on December 30, 2010 by INVC · 1 Comment

INVC,,

Delhi,,

Punjab National Bank, the largest nationalised bank in the country, has decided to have a fresh comprehensive re-look at its strategy for insurance business in India with a view to provide full range of financial products to its Indian customers and to realise full value of Bank’s reach and customer base.

The bank is looking for opportunities in both life and non-life business. The bank will evaluate these opportunities and may form strategic tie-ups with interested parties. The Bank is open to any operating model – whether existing in the industry or new – for these strategic partnerships. The bank is looking for opportunities both in short term and long term. In this way, the Bank contemplates potential benefits to its customers by making available attractive insurance products.

The bank has, for the purpose, invited expression of interest (EoI) for strategic partnership in life insurance and non life insurance business from reputed Indian and international companies interested in partnering with the Bank in the insurance business.

The Bank has entered into a MOU for restructuring of relationship with Principal Financial Group Mauritius, in terms of which each of JV partner is free to undertake business of insurance brokerage and/or the business of life insurance independently. The restructuring proposals have since received regulatory approvals.