PNB ties up with Hero, Zurich

NEW DELHI, NOV. 25. Punjab National Bank will enter life and general insurance as a strategic investor with 15 per cent stake in each venture, to be promoted by the Hero group and Zurich as foreign partner.

The bank is entering into strategic alliance with a joint venture of the Hero group and Zurich Financial Services for both life and non-life insurance businesses, the PNB Chairman, Mr. S. S. Kohli, said yesterday launching the banks' international co-branded credit card with HSBC.

``Entering into insurance business was an integral part of PNB's strategy of strengthening its competitive position. The alliance will help the bank expand the range of products and also move towards universal banking," Mr. Kohli said.

While PNB will hold 15 per cent each in the ventures, the Hero group will have majority 59 per cent stake while Zurich will take 26 per cent each in the life and non-life ventures.

Among public sector banks, only State Bank of India has obtained RBI permission for entering into the life insurance sector with a stake of 74 per cent.

Mr. Kohli said the bank was targeting a business of Rs. 85,000 crores this fiscal as against Rs. 75,000 crores last year.

- PTI

Corporate Bureau adds:

CHENNAI, NOV. 25. Punjab National Bank has launched its international credit card, simultaneously in Chennai.

At a launch function held here, Mr. B. P. Chopra, Senior Regional Manager, (DGM-Designate), said the card combined the benefits of domestic and overseas usage to give complete financial freedom.

The bank has launched two types of card - Gold and Classic - in 14 centres. It plans to keep on adding more centres in future.

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Section  : Business
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