DENA BANK CONSIDERS NON-LIFE INSURANCE BUSINESS

Public sector India-based bank Dena Bank is eyeing a move into the non-life insurance sector, according to reports from news agency Press Trust of India . “We are thinking of it and this could happen in the current fiscal,” said Dena Bank chairman and managing director P. L. Gairola. He added that the bank is ideally looking for a three-way venture involving a local partner and a non-life insurer with a comprehensive product base that could be overseas-based as well as Indian. Explaining why Dena is eyeing the non-life market as opposed to the more typical move into life insurance that so many retail banks undergo, Gairola highlighted the low gestation period and lower level of initial investment needed for non-life insurance.