Compelo Insurance is using cookies

We use them to give you the best experience. If you continue using our website, we'll assume that you are happy to receive all cookies on this website.

ContinueLearn More
Close
Dismiss

Corporation Bank Forays Into Non-Life Insurance Business In India

Company is also weighing the prospects of setting up an asset management company and roping in a partner for the wealth insurance business

Corporation Bank has decided to foray into the non-life insurance business in India. The bank has commenced talks with a foreign player for a joint venture (JV), where a third partner is proposed to be approached – reported in Business Standard.

It is also weighing the prospects of setting up an asset management company and roping in a partner for the wealth insurance business.

Moreover, the bank intends to establish a company to jointly manage the credit card operations with Life Insurance Corporation, which holds a 26.32% stake in Corporation Bank.

J M Garg, CMD of Corporation Bank, said: “Ultimately, the understanding is to have a separate company. But LIC wants to have a base of around 100,000 card holders before we set up a separate company. We may also become a part of it. The company could, however, be two years away, as LIC is looking to have a base of around 50,000 cards by the end of the current financial year.”

Life Insurance Corporation of India being a shareholder, Corporation Bank is unable to set up a separate life insurance venture.