ING, Vysya Bank and Damani group sign pact for insurance

By Our Special Correspondent

MUMBAI, NOV. 28. ING Insurance, The Vysya Bank and Damani group have signed an agreement to form a life insurance venture in India.

This will be followed by the formation of an Indian joint venture company after obtaining a trading licence from the Insurance Regulatory and Development Authority (IRDA) in India.The joint venture agreement was signed between Mr. Peter Smyth, General Manager, ING Asia Pacific, Mr. R. S. Damani and Mr. K. R. Ramamoorthy, Chairman, Vysya Bank.

ING Insurance will hold 26 per cent in the proposed venture in accordance with the norms specified by the IRDA, Vysya Bank 49 per cent and the Damani group 25 per cent.

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Section  : Business
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