BANK OF INDIA SETS SIX-YEAR BREAKEVEN TARGET FOR INSURANCE VENTURE

The Bank of India’s planned insurance joint venture with Japan’s Dai-ichi Mutual Life and another partner, should break even “within six years”, according to Bank of India managing director M Balachandran. He said that the third party, thought likely to be Andhra Bank, would be revealed by September 8. Mr Balachandran said that the combined investment in the venture by the three partners would be Rp1.6bn, of which Bank Of India’s share would be about Rp480m and Dai-Ichi’s Share would be about Rp416m. He added that Bank of India had not yet decided whether to take a direct 30% stake in the venture, or whether to take a 51% stake via a newly established subsidiary.