A joint venture by Canara Bank, HSBC Insurance (Asia-Pacific) Holdings and Oriental Bank of Commerce (OBC) has announced the formal signing of an agreement to set up a life insurance company in India.
The new company proposed to be named Canara HSBC Oriental Bank of Commerce Life, is expected to launch its products in the first quarter of March 2008
In the joint venture, Canara Bank will have a major stake at 51%, followed by HSBC 26% and OBC 23%. The strong network of Canara Bank and OBC along with HSBC' expertise in insurance products will enable the company to gain entry in the life insurance market.
The banks would be able to expand its product portfolio and provide insurance services to its customers. The company plans to market products to various demographic segments and tap the existing potential in rural, semi-urban cities, and urban population.
The new company proposed to be named Canara HSBC Oriental Bank of Commerce Life, is expected to launch its products in the first quarter of March 2008
In the joint venture, Canara Bank will have a major stake at 51%, followed by HSBC 26% and OBC 23%. The strong network of Canara Bank and OBC along with HSBC' expertise in insurance products will enable the company to gain entry in the life insurance market.
The banks would be able to expand its product portfolio and provide insurance services to its customers. The company plans to market products to various demographic segments and tap the existing potential in rural, semi-urban cities, and urban population.
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