UCO Bank puts non-life insurance foray on hold
State-run UCO Bank has decided to put its proposed foray into non-life insurance business on hold, Chairman and Managing Director S K Goel said.
By PTI |
KOLKATA: State-run UCO Bank has decided to put its proposed foray into non-life insurance business on hold, Chairman and Managing Director S K Goel said.
Speaking to reporters on the sidelines of the Bank's fifth Annual General Meeting here ON Monday , he said, "We have decided to put on hold the non-life insurance venture."
Asked why such a decision was taken, Goel said that seeing the experience of other nationalised Banks which had entered the sector, UCO would not go ahead with this for the time being.
The Bank had earlier announced that it would enter non-life insurance business with another nationalised bank.
Goel said that the Bank would instead enter into another business, the details of which he declined to divulge.
Earlier addressing the shareholders, he said that the focus of the Bank during the current financial year would be to increase its fee-based income.
For 2008-09, the Bank was looking at a business growth of 20 per cent and higher mobilisation of CASA over March 2008.
The Bank declared a dividend of 10 per cent for 2007-08.
Speaking to reporters on the sidelines of the Bank's fifth Annual General Meeting here ON Monday , he said, "We have decided to put on hold the non-life insurance venture."
Asked why such a decision was taken, Goel said that seeing the experience of other nationalised Banks which had entered the sector, UCO would not go ahead with this for the time being.
The Bank had earlier announced that it would enter non-life insurance business with another nationalised bank.
Goel said that the Bank would instead enter into another business, the details of which he declined to divulge.
Earlier addressing the shareholders, he said that the focus of the Bank during the current financial year would be to increase its fee-based income.
For 2008-09, the Bank was looking at a business growth of 20 per cent and higher mobilisation of CASA over March 2008.
The Bank declared a dividend of 10 per cent for 2007-08.
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