According to a top official, Uco Bank plans to foray into general insurance and the details are to be worked out by September, including the selection of partners.

Uco Bank Chairman and Managing Director S K Goel told: "We plan to enter general insurance by launching a joint venture. We hope to finalise the JV structure by September." "A final picture about the company will emerge in 2-3 months. We are currently in talks with potential players to set up the joint venture," Mr. Goel added.

The JV will have three more partners -- a state-owned bank, a foreign bank and a private general insurance company, he said. The other state-owned lender and Uco Bank will have a joint shareholding of 49 per cent.

And the private insurer and foreign bank together will have a stake of 51 per cent in the subsidiary. "We had plans to launch a financial services subsidiary. But, with the down turn in financial markets and the fact that credibility of rating have suffered in the recent past, we have decided to put the plan on hold."

The Kolkata based lender had planned to launch the subsidiary with a view to offer a one-stop-shop for financial services such as sale of insurance and mutual fund products, loan syndication and corporate advisory services.