Bank of Maharashtra opts out of insurance JV

MUMBAI: State-run Bank of Maharashtra said on Wednesday it has opted out of a proposed general insurance joint venture with Shriram Financial Services Holdings Pvt Ltd and South Africa's Sanlam Ltd.

Sanlam, South Africa's second-biggest insurer, was to hold 26 percent, Shriram's holding was to have been 59 percent while Bank of Maharashtra would have held the balance 15 percent.

The joint venture had got the preliminary nod from the Indian insurance regulator and was supposed to start operations by March.

The terms of the joint venture could not be finalised as per the bank's requirement and so it decided to opt out, the bank said in a statement.