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Friday July 3, 05:40 PM
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UCO Bank plans foray into non-life insurance - CMD
KOLKATA (Reuters) - State-run UCO Bank is planning a foray into non-life insurance by floating a joint venture company by September, its top official said on Friday.
The initial capital of the venture would be 1.5 billion rupees, S.K. Goel, chairman and managing director, told reporters. UCO Bank would own 30 percent stake in the company, Goel said.
"We are in talks with a foreign underwriter and some domestic banks and corporates for the venture," he said.
Goel said the foreign underwriter would hold 26 percent stake in the company and the rest would divided among other partners.
Indian laws currently permit foreign firms to hold up to 26 percent in insurance firms.
India currently has 22 life insurance firms, 21 non-life firms and one reinsurer, according to data from IRDA website (www.irdaindia.org).
