Further to the announcement in March 2007, Canara Bank, HSBC Insurance (Asia-Pacific) Holdings and Oriental Bank of Commerce have formally signed agreement to jointly establish life insurance company in India.
The new company, Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited, will have access to over 40 million customers and nationwide distribution network of 3,600 branches throughout India.
The new insurance company aims to introduce a variety of insurance products, fulfilling the needs of entire spectrum of people, Chairman and Managing Director of Canara Bank M B N Rao said. While both Canara Bank and Oriental Bank of Commerce offer an extensive client base, HSBC brings in its insurance experience, product range and bancassurance capabilities. Under the proposed agreement, Canara Bank will take a 51 per cent stake in the new company, HSBC a 26 per cent interest and Oriental Bank of Commerce the remaining 23 per cent.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment