Bajaj Auto and Allianz annunciated the partnership plan for distributing credit cards, mutual funds, home loans and personal loans.

Unlike the former joint ventures for their insurance business, the novel partnership plan is a 50-50 partnership between the two companies.

The company-Bajaj Allianz Financial Distributors will have a paid up capital of Rs 2.4 crore. It will allocate financial products of different asset management companies, banking and non-banking (financial) institutions.

The recently made venture is yet in discussions with parties and did not reveal the products it will be dealing out.

Sam Ghosh, CEO, Bajaj Allianz Life Insurance said, “We are still in talks with companies. But the idea is to distribute products of top 2-3 asset management companies, 2-3 banks and 2-3 NBFC.”

The CEO of the new company would be employed within two weeks and the products decision will be made then, Mr. Ghosh added.

The company will particularly aim the rustic areas for allocating the financial products. It aspires to generate employment for 4-5 lakh people in the form of their agents or sellers within the next 2-3 years.