Lakshmi Vilas Bank rises 2% on HDFC Ergo agreement

NEW DELHI: Shares of Lakshmi Vilas Bank gained over 2 per cent in Wednesday's trade after the lender signed a corporate agency agreement with HDFC Ergo General Insurance Company to offer general insurance products (non-life) to its customers under open architecture and the same has been approved by IRDA.

Following the development, the stock rose 1.7 per cent to hit a high of Rs 96.90 on BSE. The bank said that all the branches of Lakshmi Vilas Bank are enabled to cross sell the said insurance products.

The insurance products offered are like motor, health, travel, home and personal accident insurance in the retail space and customized products like Property, Marine and Liability Insurance in the corporate space.