Punjab National Bank keen to tie up with life insurer

The lender is also interested to buy stakes in life as well as non-life firms.

Punjab National Bank will buy equity stake and enter into a corporate agency tie-up with one of the 10 life insurers it has shortlisted, according to a release issued by the state-run lender.

The firms are Aegon Religare Life, Aviva India , Bharti AXA Life , Birla Sun Life, DLF Pramerica Life, Future Generali Life, HDFC Life, Max New York Life, MetLife and Reliance Life.

According to chairman KR Kamath, PNB, which is keen to buy stakes in life as well as non-life firms, has received applications from 42 insurers.

At present, PNB has a referral arrangement with the Life Insurance Corporation of India (LIC) for selling insurance products. It's an arrangement where banks or finance firms receive commissions for selling insurance products.

PNB had earlier joined hands with Vijaya Bank for a life foray but the proposal was later dropped. Another PSU lender, Syndicate Bank , has hired Ernst & Young to help choose a partner.

Public sector banks generally prefer three-way JVs like India First where Bank of Baroda, Andhra Bank and Legal & General UK hold shares.

View the full story in The Economic Times.

Follow the link for more news on

Also Read

BEA’s Ivy Chan on managing banking risks and trade war shifts

Cambodia enables cross-border QR code payments via UnionPay

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit