Bank of India in life insurance JV with Dai-Ichi of Japan

Public-sector "Bank of India" has formalised an agreement with Dai-Ichi of Japan for setting up a Rs 250-crore life insurance firm, and will have a 51 per cent stake in the joint venture, a top bank official said on Friday.

Dai-Ichi, the sixth biggest life insurer in Japan, will have a 26 per cent stake in the JV, while another partner Union Bank of India will hold 23 per cent, BOI Executive Director K R Kamath told a press meet here.

It has been reported the registration process was going on, and the name of the company, is likely to be 'Star Union Dai-Ichi'.