PNB, Metlife to partner new life insurance venture
28 July 2011
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.