Bank of India signs MOU for Venture into Insurance Sector

Bank of India has announced that a formal Memorandum of Understanding (MOU) is signed on December 21, 2006 among the Bank, Dai Ichi Mutual Life Insurance Company and Union Bank of India for forming the Joint Venture.

The Bank will hold 51% of the initial subscribed and paid up capital, Dai Ichi Mutual Life Insurance Company will hold 26% and Union Bank of India will hold 23% capital of the said venture.

Source : Equity Bulls

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