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Our Bureau

Insurance talks at advanced stage

MR ANIL K. KHANDELWAL

Chennai , Oct. 5

Bank of Baroda will soon be launching wealth management services and stock broking services for the "mass affluent" or the middle class, according to Dr Anil K. Khandelwal, Chairman and Managing Director, Bank of Baroda.

The bank is at an advanced stage of negotiations for forming a joint venture for its proposed life insurance foray. It is also inviting foreign partners for its mutual fund and credit card business.

"We are open to the idea of offering more than 50 per cent stake in the mutual fund and credit card businesses. We don't suffer from any dogmas," Dr Khandelwal said, on Thursday, while speaking at a press conference to announce the launch of the bank's 10th "retail loan factory" in Chennai. The retail loan factory works on an assembly line principle to enable specialisation and quick sanction of loans as well as eventual increase in retail volumes. Currently housing loans are sanctioned within six days.

Dr Khandelwal said that 10 more such factories would be opened in due course.

To add 25 branches

He said the bank planned to add 25 branches in the four southern States before March 2007.

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BoB to launch wealth mgmt services

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