24 Nov 2008 07:49
RNS Number : 7440I
State Bank Of India
24 November 2008
LETTER TO: BOMBAY STOCK EXCHANGE
LISTING AGREEMENT - CLAUSE 36
In terms of Clause 36 of the Listing Agreement, we advise that the State Bank of India has signed on November 24, 2008, a Joint Venture Agreement with Insurance Australia Group, to form a Joint Venture Company which will be engaged in General insurance business in India. The formation of the Company will be subject to receipt of necessary regulatory clearances/approvals. SBI and IAG, subject to regulatory approval, will hold 74% and 26% respectively of the equity in the new company.
From: General Manager State Bank of India
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State Bk.in.gdr (SBID)