The government-owned Life Insurance Corporation (LIC) has finalised Corporation Bank as a partner for its credit card foray and is in talks to rope in other players to manage the venture. The Mangalore-based Corporation Bank will only be an investor in the card venture. | |
| The insurance behemoth will hold a "majority" stake in the card company with Corporation Bank expected to hold up to 20 per cent stake, said sources. LIC holds 26 per cent stake in the Mangalore-based Corporation Bank. |
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| A senior LIC official said, "We will have a controlling stake in the card venture. Six to seven companies have shown interest by writing to us, but we have not decided the strategy." |
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| LIC is interested in holding a majority stake in the venture, but owing to regulatory glitches it is likely to hold around 49 per cent stake, said sources. |
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| Corporation Bank has given an in-principle concurrence to own 20 per cent stake in LIC's credit card venture. |
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| The bank will, however, not participate in the management of the venture as it has launched its own international credit card earlier this month. |
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