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Canara, HSBC and OBC life insurance co launched

Canara HSBC Oriental Bank of Commerce (OBC) Life Insurance Co. Ltd., a partnership between two of India’s largest nationalised banks - Canara Bank and OBC - and HSBC Insurance (Asia Pacific) Holdings Ltd has become operational from 16th June 2008.

The new company, headquartered in Gurgaon, is capitalised at Rs 325 crore ($81 million). While Canara Bank holds the majority 51 per cent stake in the company, HSBC and OBC hold 26 per cent and 23 per cent respectively.

The Board will comprise 11 directors, of which four will be nominated by Canara Bank, two by HSBC and another two by OBC. In addition, the Board will comprise two independent directors and a CEO. The Board will be chaired by Mr MBN Rao, Chairman and MD of Canara Bank.

The company, has started off with eight types of life insurance policies, including a mix of traditional and unit-linked schemes, plans to focus largely on the bancassurance model.

The company plans to leverage a customer base of 40 million and a nationwide network of 4,000 bank branches.

Canara Bank, HSBC Insurance and Oriental Bank of Commerce (OBC) sign MOU in March 2007 Click here

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