Bank of India (BOI) has sold 18% stake in the insurance joint venture (JV) Star Union Dai-ichi Life Insurance Company (SUD) to its Japanese partner ‘Dai-ichi Life Insurance Company (DILIC)’.
The shareholding of DILIC will be 44% up from 26% upon completion of the transaction after receiving necessary statutory/regulatory approvals. With this, the shareholding of BOI has come down to 30% from 48% in SUD, while Union Bank of India will continue to hold 26%. SUD was incorporated in 2007 as a JV among Bank of India, Union Bank of India and DILIC to undertake life insurance business in India.
Bank of India offers wide range of services such as Personal banking, Corporate, Rural, MSME, Retail, NRI services, Cards/ATM etc. The bank has 4963 branches in India spread over all states/ union territories including specialized branches. These branches are controlled through 54 Zonal Offices.
