Union Bank of India, Bank of India and Japan-based Dai-ichi Mutual Life Insurance today floated a life insurance joint venture company with an initial authorised capital of Rs 250 crore.
Union Bank will hold majority 51% stake in the joint venture, Star Union Dai-ichi Life Insurance Company. Bank of India will hold 23% and Dai-ichi 26% in the company.
"The joint venture company, with the strength of domestic venture partners in the Indian financial sector coupled with the Dai-ichi Life Insurance’s know-how would make the foray into life insurance segment, a big success," Star Union Dai-ichi said in a press release.
Bank of India and Union Bank’s network of 5,000 sales outlets and 50 million customer base is likely to provide a sound distribution channel to the company.
Dai-ichi, which is among the top ten life insurance companies of the world, would provide the expertise it has on product knowledge, asset management skills and strong operational capabilities.
Content Guide
