BOI's joint venture with UBI & Deutch in final stage

Mumbai, Aug 21 (UNI) Bank of India (BOI), one of the leading public sector banks, today said it was in the final stage of finalizing its joint venture with Union Bank of India (UBI) and Japan-based Deutch Bank for its life insurance products.

Speaking to mediapersons here, the Chairman and Managing Director of BOI, T S Narayanasami, who has recently took charge, said, '' We are in the final stage of negotiation with the concerned banks, in the matter of joint venture in life insurance segment.'' He said that the bank has almost resolved many of the issues with the UBI and Deutch bank and most probably the joint venture will take its concrete shape with in two or three weeks.

The bank also announced the launch of its two travel insurance policies under the tie-up with National Insurance Co. Ltd --Star Flier Scheme for Individual Dimond Savings Bank Customers and Star Domestic Travel Insurance. These policies will be provided free to its diamond customers having certain amount of minimum average balance in their saving account.

In the health insurance segment, BOI announced the launch of a family floater health insurance policy under 'BOI-National- Swasthya Bima' for its customers.

The bank has set a business target of 2.60 lakh crore for the FY08 in comparision to its last fiscal business of 2.50 lakh crore, an increase of 10,000 crore. ''Bank of India is keeping pace with its growth pattern and would grow its mixed business at an average of over 20 per cent.'' Mr Narayanasami added.

UNI