New Delhi, Sept 04: Bank of Baroda is keen on having a common strategic foreign partner for both its mutual fund and the proposed life insurance venture. The bank's board had already given an 'in principle' nod for venturing into life insurance business and it is awaiting clearance from Reserve Bank of India. BoB was on the look out for "a common strategic foreign investor" for both businesses, but it was dependent on the banking regulator's nod for the insurance foray, sources in the bank said.
BoB officials declined to comment on the partner they are looking for and the equity to be divested in mutual fund. The bank's foray into insurance business had been hanging fire for the last few years. The public sector bank, which has assets over Rs 760 crore, might enter the pension sector as well with government already approving opening up of the sector and setting up of pension fund and regulatory development authority. Bureau Report