PNB invites tie up for strategic partnerships in insurance business
The country’s second largest state-run public lender Punjab National Bank (PNB) is toying with an idea to venture into the insurance sector and the bank is looking for opportunities in both life and non-life business.
“I am open to idea to enter into the insurance business — both life and non-life trade. So, we are looking for a foreign partner in the proposed insurance venture,” PNB chairman and managing director KR Kamath.
The lender has invited expression of interest (EoI) from both Indian and foreign companies for strategic partnerships in the insurance business. The bank may form strategic tie-ups with interested parties and it is looking at both life and non-life business.
The bank is looking for opportunities both in short term and long term and it is open to any operating model – whether existing in the industry or new – for these strategic partnerships. In June, PNB bought out the stakes of its insurance broking joint venture partners Principal Financial Group of Mauritius and Berger Paints.