SBI, Insurance Australia form JV

SBI, Insurance Australia form JV

BS Reporter / New Delhi November 24, 2008, 11:05 IST

State Bank of India has signed a Joint Venture Agreement with Insurance Australia Group, to form a Joint Venture company which will be engaged in General Insurance business in India.

SBI and IAG will hold 74 per cent and 26 per cent respectively of the equity in the new company.