SBI enters JV with Insurance Australia

Mumbai, May 13: India's largest lender, State Bank of India (SBI), has entered into a joint venture with Insurance Australia Group (AIG) for general insurance business.

Both the companies will soon finalise shareholders's agreement and seek necessary approval from regulatory authorities, release issued by SBI here today stated. The Bank hopes to commence its general insurance business in the current financial year. However, the share holding pattern in the JV was not mentioned in the release.

UNI