State Bank of India (SBI) has joined hands with Insurance Australia Group (IAG), an international insurance major, for general insurance joint venture. SBI proposes to hold 74% stake in the JV while IAG will hold the maximum permissible 26%. The new entity plans to commence business in the current financial year. Both the parties have signed an MoU for the purpose and would now jointly work towards finalising a shareholders' agreement before approaching the regulatory authorities for their approval.
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