Punjab National Bank (PNB) acquires 30% stake in US-based insurance company Metlife, New company known as PNB Metlife India Insurance Company Ltd.
Punjab National Bank (PNB) and US-based Metlife on February 4, 2013 signed a deal wherein the Punjab National Bank picked up 30% stake in the insurance company for an undisclosed amount. The new company has been branded PNB Metlife India Insurance Company Ltd.
Metlife will continue to hold 26% stake in the company. Other stakeholders in the company include J&K Bank (5%), Elpro International (21%) and M Pallonji & Co (18%).
On this occasion the Chairman & Managing Director (CMD) of Punjab National Bank (PNB) Mr. KR Kamath said “Partnering with MetLife will give us access to global products and the risk management expertise of MetLife”.
PNB Metlife is the ninth largest insurance company in India in terms of new business premium.
PNB will bring to Metlife its 5,900 branches and over 78 million customers across the nation. MetLife, with 90 million customers worldwide, has been operating in India since 2001.