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Report: Allahabad Bank, Indian Overseas Bank could exit Universal Sompo General

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Report: Allahabad Bank, Indian Overseas Bank could exit Universal Sompo General

Indian state-run lenders Allahabad Bank and Indian Overseas Bank are considering leaving Universal Sompo General Insurance Co. Ltd., Business Standard reported Aug. 6.

Universal Sompo General is a joint venture between the two banks, Karnataka Bank Ltd., Japan's Sompo Japan Nipponkoa Insurance Inc. and Dabur Investment Corp.

Allahabad Bank is also planning to leave asset reconstruction company ASREC (India) Ltd, where it has a 27% stakeholding. The lender intends to exit both ventures by the fourth quarter of the 2018 financial year, the report added.