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June 3, 2015updated 13 Apr 2017 8:30am

LIC receives approval to operate in Bangladesh

The Life Insurance Corporation of India (LIC) has received an approval from Bangladesh’s insurance regulator to run its business in the country.

By Verdict Staff

The insurer has been granted permission to begin operations in Bangladesh as a joint venture.

The joint venture will be named LIC Bangladesh with a paid-up capital of BDT1bn.

LIC will hold half of the paid-up amount. The remaining of the paid-up capital will be owned by its Bangladeshi partners raising the amount from the capital market and local entrepreneurs.

Bangladesh Insurance Development and Regulatory Authority (IDRA) chief M Shefaq Ahmed was quoted as saying by the BDNews24 said: "We have given LIC a letter of consent upon certain conditions. They will be able to start operations once they are fulfilled."

The Indian state-owned insurer also has operations in Nepal, Sri Lanka and Singapore, apart from India.

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