Allahabad Bank and Indian Bank will be merged from April as part of the mega merger exercise.

At present, Allahabad Bank holds 28.52% in the JV while overseas partner Sompo Japan is the largest shareholder with 34.61% interest.

Sompo would buy the stake from Karnataka Bank, which holds 14.26% in the joint venture, Universal Sompo chairman O N Singh said.

Sompo holds 26 per cent in the general insurance joint venture.

ON Singh is slated to become the non-executive chairman of the company as per its new management policy.

Sources in Universal Sompo said that the IRDAI directive might put the company’s day-to-day operation in bind in the absence of an MD.

The bank's board will meet on Friday to consider selling a part or all of its 30% stake in Universal Sompo General Insurance.

The finance ministry had earlier asked state-run banks to look at divesting their noncore assets in order to meet burgeoning capital requir...

Universal Sompo General Insurance Company, promoted by 3 Indian banks, plans to go beyond bank-push business and have its own agent force a...

6-year-old Reliance GI posted maiden net profit of Rs 64.1 crore in 2013-14 against a net loss of 92.8 crore in 2012-13.

Universal Sompo General Insurance Company has completed raising Rs 200 crore of equity from its promoters on Friday, a senior official said.

The firm plans to grow business by nearly 50% next fiscal and aims to collect 600 crore as premium. It expects to close the current fiscal ...

Universal Sompo General Insurance, a joint venture between Allahabad Bank, Sompo Japan Insurance Corporation, IOB, Karnataka Bank and Dabur...

Universal Sompo General Insurance has received permission from the insurance regulator to enter the non-life business in India.

The country’s booming non-life insurance segment witnessed the entry of a new player on Wednesday, with Universal Sompo General Insurance C...

Uncertainty over Sompo Japan Insurance’s participation in the Allahabad Bank-led general insurance consortium is now history.

The joint venture plan between the Allahabad Bank-led consortium and Sompo Japan Insurance for setting up a general insurance company is st...