PNB, Vijaya Bank in insurance business
By Our Banking Bureau | 01 Feb 2002
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Mumbai: Zurich Financial Services (ZFS) and DCM Shriram Consolidated (DSCL) have signed a memorandum of understanding to set up a life and general insurance business. The joint ventures will be partnered by Punjab National Bank (PNB) and Vijaya Bank, pending approval from the Reserve Bank of India.
DSCL and ZFS will hold 35.5 per cent and 26 per cent equity stake respectively, while PNB and Vijaya Bank will hold 26 per cent and 12.5 per cent stake respectively, in both joint ventures. The four partners will sign joint-venture agreements and apply to IRDA for the certificate of registration shortly.
