UTI chairman P S Subramanyam told mediapersons in Bangalore that a search was on for the foreign partner. ``Four to five companies have been shortlisted for the same.''

Further, UTI and UTI Global Bank would be the majority shareholders in the venture with the management control resting with them.

Said Mr Subramanayam: ``While the foreign partner will hold a 26-per cent stake, we will offer 24 per cent to Ramesh Gelli and Associates.''

Also, Mr Gelli will be the first chairman of the insurance venture. The minimum capital stipulated by the Insurance Regulatory and Development Authority for an insurance venture is Rs 100 crore.

About the newly-formed UTI Global Bank, Mr Subramanyam said the bank is targeting a balance-sheet (deposits, advances and profits) of Rs 50,000 in the next three years.

Currently, the figure stands at Rs 20,000 crore. ``Keeping this target in mind, the bank will hire fresh recruits,'' he said. The bank's staff strength is about 2,300. Further, UTI Global Bank plans a thrust in all segments of banking including retail, consumer, corporate and investment-banking. While its registered office will be located in Hyderabad, the corporate office will be in Mumbai.