Bank of Baroda, Andhra Bank MoU with UK partner

Bank of Baroda has informedthat the Bank, Andhra Bank and M/s. Legal & General Group plc, UK have signed an MoU on November 16, 2007 to form a Joint Venture (JV) for Life Insurance Business, wherein the equity participation in the proposed JV would be (i) Bank of Baroda - 44%, (ii)Andhra Bank - 30% and (iii) M/s. Legal and General plc, UK - 26%.

The partners would initiate various steps to operationalise the JV in due course.