Earlier partners for the foray were Bank of Maharashtra and Oriental Bank of Commerce. It will do all banking operations with a minimum capital base of Rs 330 crore, an official said.
He also announced that the UK-based insurance firm Legal and General (as reported by FEon March 27) will be the foreign joint venture partner for the bank's life insurance business foray. We will hold 50% in the insurance JV while the Legal and General will own 26% and we are scouting for the third partner, he added.
He also said that the bank has upgraded the status of its two branches in Hong Kong to full fledged branches.