Credit Agricol plans insurance, MF foray

Credit Agricol (CA), the second-largest French bank, is all set to enter the Indian insurance and asset management business. The group, through its subsidiaries, Predica, the life insurance company, and Pacifica, the non-life insurance company, is in talks with a couple of top Indian players for a foray into insurance businesses. The Indian rules require foreign companies to hold not more than 26 per cent in Indian insurance ventures. Credit Agricol Asset Management (CAAM) is in talks with a local brokerage house for a tie-up to launch the AMC business, according to a group executive in India.