You are here: Home » PTI Stories » National » News
Business Standard

SBI Life to open Bahrain branch by December

Press Trust of India  |  Kolkata 

Life is likely to open a branch in by the end of 2017, enabling the major to make its maiden foray into the Middle East market.

"We have received regulatory approvals and are aiming to open the branch within December," a top company official told PTI, seeking anonymity.

The company has received the requisite approvals from the Central of and the Indian regulator IRDAI.

Initially, Life's market will be restricted within Bahrain, he said.

The company will leverage SBI's sole branch in that country to service its products and tie-up with local banks later.

"We will initially use the bancassurance channel of SBI's branch and later tie-up with the local banks also," the official said.

Life will offer traditional, unit-linked and term products.

Though NRIs will be a major target for the insurer, it will also serve local people.

SBI Life is a joint venture between the State of and the French financial services heavyweight BNP Paribas Cardiff.

The company recently got listed on the bourses after the promoters offloaded part of their holdings in its public offer.

Currently, the state-run LIC is the only Indian life insurer present in the life market in the Gulf.

With headquarters in Bahrain, LIC International operates in the Gulf Corporation Council (GCC) countries of Saudi Arabia, Kuwait, United Arab Emirates, Qatar, Bahrain, and Oman.

Privately-held HDFC Life has a reinsurance subsidiary - HDFC International Life & Re and it is based out of the Dubai International Financial Centre.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Sun, October 08 2017. 10:07 IST