MoU for life insurance venture

From The Sify.com

New Delhi: Bank of Baroda and Andhra Bank along with the UK-based Legal and General Group on Friday signed a Memorandum of Understanding for a joint venture to offer life insurance products.

While Bank of Baroda is to have a 44 per cent share in the venture, Andhra Bank would have a 30 per cent share with Legal and General would hold the remaining 26 per cent.

Addressing the MoU signing ceremony, the Union Finance Minister, P. Chidambaram said that with less than 20 per cent of the population having an insurance cover, there was infinite opportunity for the new entity.