Syndicate Bank to enter life insurance business

Syndicate Bank said that it plans to enter the insurance business. It has decided to form a joint venture with an insurance company to enter the life insurance business, according to media reports. However, no other details about the joint venture were provided by the bank.

Syndicate Bank will soon announce the name of the joint venture company. The bank is waiting for the Reserve Bank of India and the Insurance Regulatory and Development Authority approval, the reports added.

The bank has tie-up with the General Insurance Company for general insurance products such as vehicle and accident insurance. It has a tie-up with Tata AIG for group life insurance to housing loan customers.

Last week, Syndicate Bank raised $500 million, the second and final tranche under the bank’s medium term note (MTN) programme size of $1,000 million in terms of the offering circular dated 18 October 2010.