CHENNAI: Punjab National Bank (PNB) has said it will be inducted as a joint venture partner in MetLife India, an affiliate of MetLife Inc.
The Board of PNB, at its meeting held on July 28, accepted the offer made by MetLife India for acquiring 30 per cent stake in the company.
The transaction is subject to approvals from IRDA, RBI and other regulatory bodies.
PNB started the process in December last year when it invited expression of interest from insurance companies across the world. The bank received responses from 26 Indian and international companies proposing different models. After evaluation of the various models, the bank opted to participate in a brownfield venture by acquiring stake in an existing Indian life insurance company. Accordingly, RFP was issued to 10 Indian insurance companies who had proposed this model. Based on the technical evaluations, the bank had shortlisted three life insurance companies. After evaluation of the financial bids
of the three shortlisted ompanies, the bank accepted the offer of MetLife India.
MetLife India Insurance Company Limited (MetLife) is an affiliate of MetLife, Inc. and was incorporated as a joint venture between MetLife International Holdings, Inc., The Jammu and Kashmir Bank, M. Pallonji and Co. Private Limited and other private investors. MetLife is one of the fastest growing life insurance companies in the country.