Andhra Bank to enter Life Insur' biz with BoI

Mumbai, Aug 30 (UNI) The public sector Andhra Bank's board has cleared the proposal ''In-Principle'' for the Bank's entry into Life Insurance business by forming a joint venture with DAI ICHI Mutual Life Insurance Company of Japan and Bank of India Informing BSE today, the Bank said the above decision was taken by the Board of Directors of the Bank at its meeting held on August 30, 2006. However, the Bank's foray into life insurance business is subject to regulatory, statutory approvals and fulfillment of certain other condition.

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, it added.

UNI SN KU SKB2043