Punjab National Bank is planning a foray into the insurance business. The Delhi-based bank has invited expressions of interest (EoI) for strategic partnership in life insurance and non-life insurance business from Indian and international companies interested.
“PNB has decided to have a fresh comprehensive re-look at its strategy for insurance business in India with a view to provide full range of financial products to its Indian customers and to realise full value of bank’s reach and customer base,” the public sector lender said in a media statement today.
The bank is open to any operating model – whether existing in the industry or new – for these strategic partnerships. It is looking for opportunities both in short term and long term.
PNB has already entered into a memorandum of understanding for restructuring of relationship with Principal Financial Group Mauritius, in terms of which each of JV partner is free to undertake business of insurance brokerage and/or the business of life insurance independently.
Meanwhile, Rakesh Sethi has joined PNB as Executive Director in place of Nagesh Pydah, who took over as the Chairman and Managing Director of Oriental Bank of Commerce today. During his tenure at PNB, he was also a director on PNB Gilts Ltd, PNB Housing Ltd and PNB Investment Services Ltd.
Sethi, on the other hand, was working as General Manager of Andhra Bank before joining PNB. He has worked at corporate office where he handled integrated risk management, deposit planning, corporate communications and government business.
