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.
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