BoB zeroes in on UK's Legal

New Delhi, Mar 30 (UNI) Eyeing to double its turnover to Rs 2,40,000 crore by 2008, Bank of Baroda today said it has identified the United Kingdom's leading insurance firm Legal&General as its foreign joint venture partner for offering insurance services in India.

The bank will form a three way joint venture with the overseas firm and another domestic organisation. It will own the majority 50 per cent stake in the joint venture, while Legal&General will pick up 26 per cent, the maximum permitted in an insurance company under the FDI norms.

The initial capital of the proposed JV will be Rs 200 crore.

''We have identified Legal&General keeping their 170-year-old track record, with excellent ratings by Standard&Poor and Moody's.

They enjoy a 10 per cent market share in the UK insurance space,'' Bank of Baroda Chairman and Manging Director Anil K Khandelwal told reporters here.

The bank is on a look out for the third partner, which will hold the remaining 24 per cent equity in the joint venture.

''It can be either a domestic public or private bank, or a fianacial institution,'' Mr Khandelwal added.

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