Canara Bank to launch insurance products in mid-2008
Public sector lender Canara Bank on Monday said it plans to launch its insurance products by the middle of this year.
By PTI |
MUMBAI: Public sector lender Canara Bank on Monday said it plans to launch its insurance products by the middle of this year.
"We are hopeful of launching insurance products by mid-2008, subject to approvals from (the regulator) IRDA," Canara Bank Chairman M B N Rao told reporters here.
"We have approached the regulators and submitted our first stage application known as R1 and that is under consideration. Thereafter, we will go for second stage R2," Rao said.
Canara Bank has joined hands with HSBC and Oriental Bank of Commerce (OBC) for its insurance foray. The company is christened Canara HSBC Oriental Bank of Commerce Life Insurance Company Ltd.
Canara Bank has picked up 51 per cent stake, HSBC Insurance 26 per cent and Oriental Bank of Commerce the remaining 23 per cent in the venture.
The company will have access to over 40 million customers and a nationwide distribution network of 3,600 branches throughout India.
"We are hopeful of launching insurance products by mid-2008, subject to approvals from (the regulator) IRDA," Canara Bank Chairman M B N Rao told reporters here.
"We have approached the regulators and submitted our first stage application known as R1 and that is under consideration. Thereafter, we will go for second stage R2," Rao said.
Canara Bank has joined hands with HSBC and Oriental Bank of Commerce (OBC) for its insurance foray. The company is christened Canara HSBC Oriental Bank of Commerce Life Insurance Company Ltd.
Canara Bank has picked up 51 per cent stake, HSBC Insurance 26 per cent and Oriental Bank of Commerce the remaining 23 per cent in the venture.
The company will have access to over 40 million customers and a nationwide distribution network of 3,600 branches throughout India.
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