Bajaj Auto and its insurance partner, Allianz, today signed a 74:26 joint venture for the distribution of financial products. The new entity, Bajaj Allianz Financial Distributors, will provide consumer financial products like mutual funds, credit cards, home loans and personal loans.Rahul Bajaj, chairman, Bajaj Auto, said: "The JV will be an independent company with no plans to be listed on the stock exchange for the time being. The new company will provide quality service to the masses, especially in non-urban areas where they will now get the best financial products right at their doorsteps. It will also create massive employment, and entrepreneurial opportunities for lakhs of people across the country."Dr Werner Zedelius, member of the board of management of Allianz SE - Insurance Growth Markets, said: "India is a key growth market for Allianz, and the new distribution company will help us strengthen our leadership position in India."
