State Bank of India, India’s largest lender in a tie up with Insurance Australia Group (IAG) has set up a joint venture, SBI General Insurance. Recently the duo completed the initiated creative pitch process following the company has appointed two JWT India and Interpub to its list. The amount size is in the range of Rs 8-10 crore.
The SBI General Insurance officials declined to comment on the development and the agency officials were also not available for comments. Sources closely related to the development have confirmed the two agencies are already part of the SBI General Insurance list.
In the joint venture SBI holds a major stake of 74 per cent and IAG holds the remaining stake of 26 per cent. IAG is an international general insurance group carrying out operations in Australia, New Zealand, Thailand, Malaysia, China and the UK through various brands.
Thus SBI entry into the general insurance segment with a bunch of financial products has completed the financial services areas. However bank, through its subsidiary SBI Life Insurance Company of India is already offering life insurance products.
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