Financial Daily from THE HINDU group of publications
Wednesday, Jun 05, 2002
Financial Daily from THE HINDU group of publications Wednesday, Jun 05, 2002 |
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Money & Banking
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Insurance Zurich Financial looking for new insurance partner Our Bureau
BANGALORE, June 4 SWISS major Zurich Financial is on the hunt for a suitable partner for its foray into insurance business following the Reserve Bank of India shooting down the proposed three-party venture with DCM Shriram Group, Vijaya Bank and Punjab National Bank. "Zurich is looking out for possible partner and we are also keeping our eyes and ears open,'' a top official of Vijaya Bank said. Declining to detail a timeframe for the new partner to be inducted, the official said that equity participation in the new arrangement could also change. It was reported that PNB is likely to finalise its new partner by June-end. The first corporate enterprise Hero Cycles, who were part of this venture, had to part company as the banks did not want to yield controlling stake to the corporate. In its second bid, DCM Shriram's participation was challenged by the RBI as the corporate was a customer of Punjab National Bank. Vijaya Bank was likely to pick up 12.5 per cent in the venture while Zurich and PNB were likely to pick up 26 per cent each.
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