January 24: Sun Life Assurance of Canada is open to the idea of partnering the Birlas if they choose to venture into retail banking. This follows the recommendation of an independent consultant appointed by the Aditya Birla group which has recommended that the diversified business house go ahead with the proposed banking foray, if eventually allowed by the Reserve Bank.Donald Stewart, chairman and CEO of Sun Life, told The Financial Express: "We have a fruitful partnership with the Birlas running into four separate joint ventures. We will always look into expanding the relationship beyond its present scope." Stewart added that the Canadian major has a presence in banking in the United Kingdom.SK Mitra, director, group financial services, of the Aditya Birla group said: "We are looking at the possibility of getting into retail banking if the cenrtal bank allows us to. It entirely depends on what policy framework is put in place."
Sun Life and the Birlas already have three existing joint ventures in mutualfunds, stock broking and retail distribution, while a fourth in insurance is expected to kick off operations in another 12 months.
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