Bob Hires Dsp Merrill To Spot Insurance Allies
Yesterday's board meeting also cleared the proposal to sell general insurance products from BoB counters.
Four international consultancy firms were short listed to advice it on its insurance subsidiary. The consultant will be working out a joint venture program for BoB's foray into insurance. The terms of reference for the financial consultant included seeking a foreign partner for the bank.
The bank plans to rope in one foreign insurance company and have a local partner as well for the venture. Officials said the balance sheet of the bank is expected to grow to 1,50,000 crore at the end of five years. Operating and net profit targets for the current year stand at 1500 crore and 750 crore, respectively.