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Syndicate Bank to diversify into insurance business

26 Oct 2012 Evaluate

Manipal-based public sector lender Syndicate Bank has decided to diversify into insurance business by forming a joint venture with a large insurer. It has shortlisted the company and waiting for the approval from Reserve Bank of India and the Insurance Regulatory and Development Authority.

At present, the bank has a small presence in the banc assurance sector with a 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.

Peers
Company Name CMP
State Bank Of India 980.00
PNB 123.90
Bank Of Baroda 241.50
Canara Bank 119.75
Union Bank Of India 186.15
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