State Bank (Q, N,C,F)* of India is planning to enter into a joint venture for its proposed foray into non-life insurance segment, reports Economic Times.
The bank has already invited expression of interest for this.
The joint venture partner is expected to bring in non-life insurance experience in developed and developing markets, relevant knowledge of product development, risk management and other systems, technology and underwriting best practices.
The group is already present in life insurance in partnership with French firm Cardif SA.
SBI is having a total business of more than USD 178 billion and operates through around 14,000 branches. It also has subsidiaries in mutual fund and merchant banking in the country.
source:http://www.myiris.com/newsCentre/newsPopup.php?fileR=20080104155403148&dir=2008/01/04&secID=livenews
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