BoI to foray into insurance with Japan's Dai Ichi

New Delhi, Aug 28: Bank of India (BoI) today said it will foray into the life insurance business by forming a joint venture with Japan's Dai Ichi Mutual Life Insurance Company and another Indian partner.

''The Board of Directors (BoD) of the bank has cleared a proposal for BoI's entry into the life insurance business. The venture would also have another Indian partner,'' a bank statement said.

The bank, however, did not disclose the name of the third party.

Besides, the bank said its BoD at its meeting held on August 26, 2006, has approved the floating of Upper Tier II Bonds in overseas market for 200 million dollars with Green Shoe option of 40 million dollars.

These bonds will be listed on the Singapore Stock Exchange.

Dai Ichi Mutual Life Insurance Company is the second largest life insurance company of Japan and the sixth largest in the global life insurance industry by written premium.

UNI