BoB signs share holding agreement for life insurance

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Mumbai, Mar 4 (UNI) Public Sector lender Bank of Baroda (BoB) today signed a share holding agreement with Andhra Bank and UK-based insurance major Legal&General for its life insurance products' business.

The proposed joint venture company will have 44 per cent majority stake holding of BoB, 30 stake holding of Andra Bank and 26 per cent holding of Legal &General, BoB announced here at a joint news conference.

The JV company, for which the trio had signed a memorandum of understanding on November 16' 2007, had also applied for the regulatory approval and will launch its life insurance business by the end of this year.

UNI CP/PP OBB VKG1612

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