PNB, Metlife to partner new life insurance venture

28 Jul 2011

1

Punjab National Bank (PNB), the country's second-largest lender, today said it has selected MetLife to partner its life insurance business.

The bank's board today selected MetLife from among 10 shortlised life insurance companies for strategic partnership, subject to regulatory approvals.

MetLife India, the Indian arm of US insurance major MetLife, will acquire a stake and a corporate agency distribution arrangement in the joint venture company, PNB said in a stock exchange filing. 

State-run Punjab National Bank had, late last year, invited expressions of interest (EoIs) from Indian and foreign companies for strategic partnerships in insurance business. In March, PNB short-listed 10 companies from a preliminary list of 41.

The list has since been pruned to three, which included Bharti AXA, Aviva and MetLife.

Metlife is the largest life insurance company in the US.

Business History Videos

History of hovercraft Part 3...

Today I shall talk a bit more about the military plans for ...

By Kiron Kasbekar | Presenter: Kiron Kasbekar

History of hovercraft Part 2...

In this episode of our history of hovercraft, we shall exam...

By Kiron Kasbekar | Presenter: Kiron Kasbekar

History of Hovercraft Part 1...

If you’ve been a James Bond movie fan, you may recall seein...

By Kiron Kasbekar | Presenter: Kiron Kasbekar

History of Trams in India | ...

The video I am presenting to you is based on a script writt...

By Aniket Gupta | Presenter: Sheetal Gaikwad

view more