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May 22, 2001
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Money > Business Headlines > Report May 22, 2001 |
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LIC decision on bank buy in a monthDebjoy Sengupta The Life Insurance Corporation of India will finalise its decision on taking over a bank in a month. "We have been toying with the idea of either taking over or entering into a strategic alliance with a bank. We will take a decision on this in a month," LIC chairman G N Bajpai said. In case LIC wants to take over a bank, it may set its sights on the Mangalore-based Corporation Bank in which it has recently increased stake to 12.81 per cent. Bajpai, however, refused to name the bank. "We have a stake in almost every bank in the country. This ranges from one per cent to 12 per cent. Internally, we have identified some banks but I am not in a position to talk about it," Bajpai said. The management will have to take the decision on its banking arm after consultation with the board, and getting government approval. "We are looking at our banking venture seriously," said Bajpai. "We are looking at how best we can leverage our capabilities to take advantage of the financial services arena, so as to better manage our cash flow, treasury operations, product development and distribution," he stated. LIC has been in talks with various banking entities -- Indian Bank, IndusInd Bank and HDFC Securities -- for the distribution of its insurance products. It is looking at bancassurance in a big way for the distribution of its products. In the case of the two banks IndusInd Bank and Indian Bank it was suggested that LIC would provide one key-man at each of their selected branches for the distribution of products. Powered by YOU MAY ALSO WANT TO READ:
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