BoM CONTINUES TO LOOK FOR GENERAL INSURANCE PARTNERS

Despite recently dropping out of a three-way general insurance joint venture, India’s state-owned Bank of Maharashtra (BoM) is still committed to entering the general insurance sector and is currently in talks with a number of possible partners. “We are in discussions with other potential partners, including foreign players, however we have not finalised any of them yet,” said the bank’s chairman and managing director MD Mallya, speaking to the Economic Times . BoM had entered into a three-way partnership with India-based Shiriam Financial and South African insurer Sanlam to establish a general insurance joint venture but stepped away from the project in early April, citing a disagreement over the terms and conditions of the venture.