Dena Bank to enter non-life and credit card business

Dena Bank is planning to enter non-life insurance and credit card business through tie up with foreign and local partners by the next fiscal, according to the bank chairman PL Gairola.

“Dena Bank will look for partnership with State Bank of India (SBI) for the credit card business. We have approached SBI in this regards,” said Gairola. He was speaking to the media on the sidelines of banking conclave organized by FICCI on Friday in Kolkata.

Dena Bank’s insurance plan is at a preliminary stage. “We are likely to forge a three way joint venture with another bank and one foreign insurance company. Dena bank will pick 26 per cent stake in this joint venture”, said Gairola.

At present, Dena Bank sells insurance policies of Life Insurance Corporation of India and non-life policies of Oriental Insurance Company. Dena Bank, with 1,140 branches and 270 ATMs, intend to achieve a business mix of Rs 57,000 crore by March 2008 from Rs 46,500 crore as on March 2007.