Friday, December 2 2005 14:39 Hrs (IST) - World Time -

Mumbai: Karnataka Bank Ltd today (Dec 2, 2005) decided to tie up with the state-owned Allahabad Bank to foray into the insurance sector.

The Mangalore-based bank has resolved to subscribe to the equity share capital of the proposed joint venture General Insurance Company to be promoted by Allahabad Bank and Allbank Finance and others, it informed the stock exchanges.

Further details would be made available after obtaining necessary regulatory approvals, it said.