PNB to buy 30 pct stake in Metlife India

[NewsDesk]

Punjab National Bank (PNB) said it plans to buy a 30 percent stake in the Indian venture of Metlife , the biggest U.S. life insurer, for an undisclosed amount. PNB also agreed to enter into a 10-year distribution tie-up with Metlife India, in which Jammu and Kashmir Bank and M.Pallonji & co also hold stakes.

The deal is expected to be closed by end-2011.

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