BoB ropes in Legal & General for insurance JV

Bank of Baroda (BoB) has selected UK-based Legal and General as foreign joint venture partner for starting life insurance business in India.

BoB will hold 50% stake in the proposed JV while the British partner will hold 26%. The Mumbai-based bank will also induct another Indian entity as a third partner. The capital base of the life JV will be Rs 200 crore.

Meanwhile, the bank has decided to rope in Punjab National Bank and Andhra Bank as a joint venture partners for establishing a banking company in Malaysia.