BoB's JV insurance to get SEBI's approval this week

Mumbai, May 20 (UNI) Public sector lender Bank of Baroda (BoB) expects to get Securities and Exchange Board of India's (SEBI's) approval by the end of this week for its joint venture insurance business, according to a top official of the bank.

''Bank of Baroda Legal and General Insurance'', a joint venture partnership between Bank of Baroda, Andhra Bank and the UK-based Legal and General insurance, would commence operations in June 2009, an Executive Director of BoB Satish C Gupta told newsmen after the announcement of the bank's financial results here today.

However, Mr Gupta declined to reveal the investment share of the partners and said, ''The insurance business is a complex business and what ever you invest in this is less and the business comes in notice after a long period.'' Bank of Baroda, Andhra Bank and Legal and General, would hold 44 per cent, 30 per cent and 26 per cent stakes, respectively, in the joint venture and will begin with a capital base of Rs 200 crore, he informed.

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