“In a recent board meeting, PNB has communicated that it would want to stay in the insurance venture," said a source. “Other investors who were exploring an exit with Metlife are likely to stay back in the company post PNB's decision. "Punjab National Bank owns 30% of PNB Metlife. PNB Metlife is the second largest life insurance firm promoted by a state-run bank, after State Bank of India-led SBI Life.PNB had bought the stake in Metlife in 2013 with a lock-in of five years. Post demonitisation, life insurance companies have seen increased sale of new insurance policies.

Source: Economic Times February 20, 2017 02:46 UTC