BoM to hold 15 pc stake in Joint Venture

New Delhi, Dec 24: The public sector Bank of Maharashtra (BoM) will establish a joint venture (JV) with Shriram Financial Services Holdings Pvt Ltd and South Africa-based Sanlam Ltd for general insurance business and will hold a 15 per cent equity stake in it.

The bank will approach the regulatory authorities for necessary approvals shortly, a company statement has said.

Earlier this week, the bank set a target of doubling its total business from Rs 55,000 crore expected to be achieved by the end of current fiscal to Rs 1,10,000 crore by March 2010.

UNI