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April 18, 2001 		Feedback  
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LIC buys 12 per cent in Corporation Bank

India's largest life insurer state-run Life Insurance Corporation of India has made a side-door entry into banking by buying a stake in state-run Corporation Bank.

The bank informed the Bombay Stock Exchange late on Tuesday that LIC, by the end of March, owned 12.18 per cent in the bank.

An economic daily said on Wednesday LIC planned to increase its ownership in Corporation Bank to at least 15 per cent.

LIC could not be immediately reached for comment.

The ownership in Corporation Bank would help LIC offer wider financial services to its clients, the paper quoted a senior officer of LIC as saying.

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