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Two banks form insurance venture
Special Correspondent
MUMBAI: Bank of Baroda and Andhra Bank with the Legal & General Group of U.K. as a foreign partner on Tuesday signed a shareholders’ agreement for a joint venture for life insurance business in India.
The joint venture company would be known as ‘Baroda Legal & General’. The logo would also carry ‘in partnership with Andhra Bank’.
The new company will have a capital base of Rs. 200 crore, said Anil K. Khandelwal, Chairman and Managing Director of Bank of Baroda, here at a press conference. The joint venture would be in operation in the first quarter of 2009.
Bank of Baroda, Andhra Bank and Legal & General will, respectively, hold 44 per cent, 30 per cent and 26 per cent shareholding in the joint venture. The joint venture company will sell a range of protection and savings products.
“Savings linked products would be introduced in the beginning,” said Rob Margetts, Chairman, Legal & General, after signing the shareholders’ agreement.
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