Magazine date:
Jan 2016 The most important Indian life insurance group, Life Insurance Corporation (LIC), is on the brink of setting foot in Bangladesh through its joint-venture. LIC has partnered with two Bengali operators: the country’s third private bank, Mutual Trust Bank (MTB), and the financial management company SEML.
MTB and SEML will be respectively holding 3% and 7% stakes in the new entity whereas LIC India will detain 50%. The remaining 40% will be invested in the financial markets. LIC Bangladesh, which will be endowed with a paid-up capital of 15.8 million USD, is due to start its operations as soon as the last legal procedures are finalized.