According to the Business Standard, India's Bank of Baroda is in discussions over a possible life insurance joint venture with three European insurance and financial groups, namely Munich Re, Societe Generale and Legal and General.
More than six foreign insurance companies have made presentations to the bank, stated the Business Standard, including Nippon Life, a Japanese insurance firm. However, in this case, talks were terminated after Japanese regulatory issues surfaced.
The Indian bank is currently in a bancassurance tie-up with HDFC Standard Life and is seeking to increase its fee-based income by offering other financial products, such as insurance policies and mutual funds.
German reinsurance group Munich Re has also reportedly held talks with Bank of Baroda (BoB) regarding the joint venture, along with Societe Generale, a French financial services provider that already offers commercial banking in India. In addition, UK-based Legal and General has also come forward to enter the proposed venture.
The Business Standard states that the bank is anticipating a decision by the end of February 2007.