Bank of India, which has formalised an agreement with Dai-Ichi of Japan for setting up a Rs 250-crore life insurance firm, will have a 51 per cent stake in the joint venture, a top bank official said here on Friday.
Dai-Ichi, the 6th biggest life insurer in Japan, will have a 26 per cent stake in the JV, while another partner Union Bank of India will hold 23 per cent, BOI Executive Director K R Kamath told at a press meet. The name of the company, is likely to be ‘Star Union Dai-Ichi’ and the registration process was going on, he said.
On overseas expansion, he said the bank had plans to takeover a private bank in Nepal. The bank has got licences for opening branches in Dhaka, Dubai Industrial Finance centre and upgradation of Vietnam office. It will also be establishing a fully-owned subsidiary in Tanzania shortly, besides opening representative office in South Africa. A wholly-owned subsidiary in Canada was also on the anvil.
