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Karnataka Bank in non-life joint venture

MANGALORE: Karnataka Bank has joined hands with Allahabad Bank, Indian Overseas Bank, Dabur Investment Corporation and Sompo Japan Insurance Inc., one of the largest non-life insurance companies in Japan, to form a non-life insurance company. The proposed company has been named Universal Sompo General Insurance Company Ltd. Karnataka Bank's stake is 15 per cent. Allahabad Bank will have 30 per cent stake, while IOB, Dabur Investment and Sompo will have 19 per cent, 10 per cent and 26 per cent stake, respectively. The joint venture will enable the constituents to cross-sell their insurance products in addition to their traditional products.

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