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In a press release, Punjab National Bank (PNB) announced that they have bought 26% stakes of Principal Financial Group of Mauritius (PFG) and 32% stakes of UK (Berger) paints in Principal PNB Life Insurance Company Ltd.
PNB is likely to take a decision on a fresh foray in the Insurance Business. They are looking to offer insurance in life and non-life business. The bank may form strategic tie-ups with interested parties and has invited expression of interest (EOI) from both Indian and Foreign companies. The last date for these companies to submit their EOI is January 20, 2011. Once the EOI is received, the bank will float a request for proposal (RFP) to finalize the partnership.
Principal PNB Life Insurance was incorporated in 2005 with an authorized capital of Rs.110 crore to start the life insurance business. Last year, PNB decided to part ways with its partners Principal and UK (Berger) paints.
The bank has reported 7.8% rise in net profit amounting to Rs.1,090 crore for the third quarter ended December 2010 from Rs.1,011 crore for the corresponding period in the previous year.
PNB’s holding in Principal PNB Life Insurance Company Ltd now stands at 88%.