LIC Finalises Partnership With Corpn Bank For Credit Card Foray

The government-owned Life Insurance Corporation (LIC) has announced Corporation Bank as a partner for its credit card venture and is in talks to induct other players to manage the venture. The Mangalore-based Corporation Bank will only be an investor in the card venture. LIC will hold a majority stake in the card company with Corporation Bank is likely to hold up to 20 per cent stake, said sources. LIC holds 26 per cent stake in the Mangalore-based Corporation Bank. LIC is interested in holding a majority stake in the venture, but owing to regulatory glitches it is likely to hold around 49 per cent stake, said sources. Corporation Bank has given an in-principle concurrence to own 20 per cent stake in LIC''s credit card venture.