PNB to finalise life insurance partner by June

If PNB picks up stake in any life insurer, either domestic or overseas partner will have to dilute stake in the insurance firm

Public sector lender, Punjab National Bank (PNB), intends to finalise the partner for its life insurance foray by June.

“We hope to finalise the partner this quarter,” Punjab National Bank chairman and managing director KR Kamath told PTI. The bank shortlisted 10 entities from 41 and further it was narrowed down to three, he said.

The three shortlisted life insurers include Bharti AXA, Aviva and Metlife.

The bank will finalise the partner for life insurance business based on the evaluation of the proposals submitted by these insurance companies, he said.

If PNB picks up stake in any life insurer, either domestic or overseas partner will have to dilute stake in the insurance firm.

Aviva India is 74:26% joint venture between FMCG player Dabur India and UK-based Aviva Plc while Bharti AXA Life Insurance is joint venture between Bharti Enterprises and AXA of France.

Metlife India stakeholders include Jammu and Kashmir Bank, Shapoorji Pallonji and other investors besides Metlife of the US.

Last year, PNB announced its plans for a strategic partnership with an insurance player. The bank had said it has decided to participate in the life insurance venture through “a corporate agency tie-up along with equity participation in an existing Indian life insurance company”.

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Indian Overseas Bank, American Express launch premium credit cards

The Gold and Platinum credit cards offered would be available at 500 Indian Overseas Bank branches in New Delhi, Mumbai and Chennai

Indian Overseas Bank (IOB) has launched premium credit cards targeting elite customers in association with American Express.

As per the association, IOB and American Express would jointly promote the cards that would feature the logos of both the companies, the IOB chairman-cum-managing director, M Narendra said.

Initially, the Gold and Platinum credit cards offered would be available at 500 Indian Overseas Bank branches in New Delhi, Mumbai and Chennai.

Currently, IOB has about 40,000 credit card customers, Mr Narendra said, adding that, “With this tie-up, our plan is to add 50,000 credit cards in three months and five lakh cards in the next two-three years.’’

Stating that its tie-up with IOB would help increase its subscriber base significantly, the American Express Banking Corporation country manager and consumer card-head, Mr Shailesh Baidwan, said “ ...it marks a special beginning for two large financial institutions.’’

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Tata Mutual Fund launches 368 fixed maturity plan

Tata Mutual Fund new issue closes on 1st June

Tata Mutual Fund has launched Tata Fixed Maturity Plan Series 35 Scheme A (368 days maturity), a close-ended income scheme.

The investment objective of the schemes is to generate income and/or capital appreciation by investing in wide range of debt and money market instruments having maturity in line with the maturity of the schemes. The maturity of all investments shall be equal to or less than the maturity of respective schemes.

The new issue closes on 1st June. The minimum investment amount is Rs10,000.

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