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Corp Bank to form insurance joint venture with foreign partner

Corporation Bank will offer stake to a foreign partner in its insurance joint venture at a premium.

R S Hugar, chairman and managing director, said that the board of directors has already approved the proposal in principle to float a company for the insurance sector.

''We had a dialogue with four foreign expert agencies but have not taken any decision yet,'' Hugar said.

Though he did not divulge the name of the agencies, Hugar said two of the agencies are from the UK and two from the USA.

The bank could begin with non-life insurance.

He said life insurance is a complicated thing and it takes time to establish oneself in this segment.

Meanwhile, the bank said it will launch its gold deposit scheme. The central bank's permission is awaited. A subsidiary for dealing in government securities will also be established.

The bank may also become a partner in one of the venture capital companies.

UNI

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