BOB to start insurance, wealth management unit

Bangalore, Nov 18: Extending its arm beyond the banking services, india's premier public sector bank, Bank of Baroda will shortly sign a foreign partner to take up life insurance business in India.

Talking to newsmen here, Bank Chairman and Managing Director Anil k Khandelwal said the name of the foreign partner would be revealed after the MoU was signed. Similarly, the Bank was also planning to float an asset management company with foreign collaboration and the BOB Card would also have a overseas collaboration. All these would happen before March next year he said. The Bank was also planning to float a wealth management company, he added.

He said the Bank wanted to emerge as major player in financial services and insurance sector taking into account the huge potential in the country and also compete on par with the private players. He said that the employees of the bank were fully atuned to the changing environment.

UNI