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Mumbai: Corporation Bank is planning to enter both the life and non-life insurance businesses, a senior bank official said on Thursday. The plans are, however, still on the drawing-board stage and nothing has been concretised as yet, the bank's executive director Asit Pal said.
The bank proposes to enter the business in association with one or two partners, details of which will be worked out over the coming months. “We are examining all options. Our plans are still at a very early stage. We are yet to take our proposal to the board,” Pal said.
The bank may enter into either a two-way or a three-way joint venture for the businesses. “We may even hold a 74% stake in the ventures, in case we decide to go with a single partner,” he said, adding that the remaining stake will be held by its partner. The partner could be an overseas entity, he added.
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