State-run Punjab National Bank Ltd (PNB) has short-listed Bharti Axa Life, Aviva Life and MetLife for a life insurance tie-up, the Economic Times reported on Monday.
PNB, India's No.2 public sector lender, will invite commercial bids this week, the report said quoting the bank's Chairman K.R. Kamath.
The bank opted for smaller players because it wants to pick up a "substantial stake," the paper said citing sources.
PNB had said late last year that it had invited expressions of interest (EoIs) from Indian and foreign companies for strategic partnerships in insurance business. It short-listed 10 companies in March.
Bharti Axa is a joint venture between Bharati Enterprises, that controls India's top telecoms firm Bharti Airtel and AXA, Europe's second biggest insurer.
Aviva is Britain's No. 2 insurer, while Metlife is the largest US life insurer.
PNB broke up with its earlier insurance partners Principal Financial Group of Mauritius and Berger Paints last year.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
Find the best of Al News in one place, specially curated for you every weekend.
Stay on top of the latest tech trends and biggest startup news.
