PNB seeks partners for insurance business

State-run Punjab National Bank said it has invited expression of interest (EoI) from Indian and foreign companies for strategic partnerships in insurance business.

State-run Punjab National Bank(PNB) said it has invited expression of interest (EoI) from Indian and foreign companies for strategic partnerships in insurance business.

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PNB is looking at both life and non-life business and is evaluating options, India's second-largest public sector lender said in a statement late on Wednesday.

In June, PNB bought out the stakes of its insurance joint venture partners Principal Financial Group of Mauritius and 25% of Berger Paints.

Principal Financial and Berger Paints have since received regulatory approvals to take up insurance business independently.

At 9:35 IST, shares of PNB, valued at over $8.5 billion, were up 0.66% to 1,232.00 rupees in a firm Mumbai market.