PNB shortlists 10 firms for life insurance JV.

Thursday 03, March, 2011 State-owned Punjab National Bank (PNB) today said it proposes to buy stake in an existing life insurance company and has shortlisted 10 companies, including Reliance Life and Bharti AXA, for the strategic partnership. The bank had invited expression of interest from intending insurance companies for strategic partnership in insurance business with the bank in December last year. PNB said it has decided to participate in the life insurance venture through "a corporate agency tie-up along with equity participation in an existing Indian life insurance company". In a statement, the public sector lender said, "RFPs (request for proposals) have been issued to ten insurance companies...." The companies which had expressed interest in the proposal include Reliance Life and Bharti AXA, Birla Sun Life, HDFC Life, Max New York Life and Met Life, the bank said. These companies had filed various models of business with the lender.

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