PNB approves MetLife India for partnership

Punjab National Bank (PNB) said that its board has approved MetLife India Insurance Company for strategic partnership in the insurance business. 

MetLife India Insurance Company  was incorporated as a joint venture between MetLife International Holdings, Inc., The Jammu and Kashmir Bank, M. Pallonji and Co. Private Limited and other private investors.

In January, state-run lender PNB, had invited expression of interest (EOI) from Indian and foreign companies for a new venture. The board has also approved MetLife India Insurance for corporate agency distribution arrangement.

Also read Bharti AXA, MetLife and Aviva competing for life insurance venture with PNB