UCO Bank in JV for non-life insurance business
The State-run UCO Bank is planning has joined hands with one foreign partner and two domestic companies, making its foray into the non-life insurance business. In the JV, UCO would hold a total of 36 per cent while the foreign partner would hold 26.
BY SEPTEMBER, the public sector bank UCO will soon make its foray into the non-life insurance business as part of a joint venture. UCO Bank's Chairman and Managing Director SK Goel said that the memorandum of understanding for the joint venture was expected to be signed in the month of September.
A senior official at the bank claimed that a consultant had been appointed by the sub-committee of the board of directors to find out potential foreign partners for the joint venture. He also said that the new venture would begin with four partners which could include any other non-banking company or public sector bank apart from UCO Bank and the foreign partner.
In the joint venture business, UCO Bank will hold a total of a 36 per cent stake while its foreign partner would stand with a 26 per cent partnership in hand. The remaining 38 per cent stake would be held by the two other domestic partners.
In the joint venture business, UCO Bank will hold a total of a 36 per cent stake while its foreign partner would stand with a 26 per cent partnership in hand. The remaining 38 per cent stake would be held by the two other domestic partners.
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