SBI signs Joint Venture Agreement with Insurance Australia Group

State Bank of India (SBI) has informed that the Bank has signed on November 24, 2008, a Joint Venture Agreement with Insurance Australia Group, to form a Joint Venture Company which will be engaged in General Insurance business in India. The formation of the Company will be subject to receipt of necessary regulatory clearances / approvals, SBI and IAG, subject to regulatory approval, will hold 74% and 26% respectively of the equity in the new Company.