Corporation Bank to form JV with LIC for credit cards

Mangalore-based Corporation Bank on Thursday said it will form a joint venture company with LIC and GE Money to foray into credit card business. A Memorandum of Understanding with LIC to this effect was signed by GE Money India, LIC Housing Finance Ltd and LIC Mutual Fund today to create a credit card company, Corporation Bank informed the Bombay Stock Exchange (BSE). The new venture would leverage the strengths of each company, it said. The parties aim to finalise the definitive agreements by end of October, it added.