Indian Overseas Bank, Allahabad Bank plan to exit Universal Sompo

An e-mail sent to Universal Sompo on the matter remained unanswered

Allahabad Bank and Indian Overseas Bank (IOB) are planning to exit Universal Sompo General Insurance Company, a joint venture between the two public sector banks (PSBs), Karnataka Bank, Dabur Investment Corporation and Sompo Japan Nipponkoa Insurance.

In addition, Allahabad Bank is also planning to exit ASREC, an asset reconstruction company, where it holds 27 per cent stake by the end of this financial year. The bank is planning to exit both the ventures by the fourth quarter of the current financial year.

According to sources, both Allahabad Bank and IOB are mulling to exit the JV at one go, which