Union Bk, BoI, Dai-ichi Life float life insurance JV

Union Bank of India, Bank of India and Dai-ichi Mutual Life Insurance Company (Dal-ichi Life) are setting up a joint venture life insurance company.

According to a release issued by Union Bank to the BSE today, the arrangement was formalised with the signing of an MoU in New Delhi today.

"The MoU envisages capital stake of 51% by BoI, 26% by Dai-ichi and 23% by the bank in the joint venture," the release added.