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UCO To Foray Into Non-Life insurance, Reports Q1 Net Profits

UCO will hold a 36% stake in the non-life unit, while another 26% will go to the foreign partner

UCO Bank is all set to foray into the non-life insurance business through a joint venture – reported in Telegraph India.

UCO will hold a 36% stake in the non-life unit, while another 26% will go to the foreign partner. The remaining 38% will be shared between the two domestic partners, who are yet to be finalised.

The bank has reported a 34% growth in net profit at INR1.78 billion in the first quarter of the current financial year. Total business grew a little over 26% to INR1.68 trillion. The company’s deposits grew 28.37%, while advances went up 22.71%.

S.K. Goel, chairman and managing director, UCO Bank, said: “We hope to finalise the memorandum of understanding for the joint venture by September this year. A sub-committee of the board of directors has appointed a consultant to look for a foreign partner for the non-life joint venture. There will be four partners. Besides Uco Bank and the foreign partner, there could be another public sector bank and a non-banking company.”