PNB still pursuing insurance business

Punjab National Bank will continue to foray into insurance business and is looking for a joint venture partner.

"PNB has decided to have a fresh comprehensive re-look at its strategy for insurance business in India with a view to provide full range of financial products to its Indian customers and to realise full value of Bank's reach and customer base," the bank said in a statement, according to psuindia.com.

The bank said it is looking for opportunities in both life and non-life business.

It invited expression of interest (EoI) for strategic partnership in life insurance and non-life insurance business from Indian and international companies.

"The bank will evaluate these opportunities and may form strategic tie-ups with interested parties," PNB said.

In June this year, PNB had parted ways with two of its partners, US-based Principal and Berger Paints , in a planned life insurance joint venture.

As part of agreement with the earlier partner, each of JV partner is free to undertake business of insurance brokerage or the business of life insurance independently.

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