New Delhi: HSBC Holdings Plc, Europe’s largest bank, plans to set up a joint life insurance venture in India with Oriental Bank of Commerce and Canara Bank Ltd.
London-based HSBC will own 26% of the joint venture, New Delhi-based Oriental Bank will hold 23% and Bangalore-based Canara Bank the remaining 51%, K.N. Prithviraj, chairman of Oriental Bank, told reporters in New Delhi today.
HSBC’s investment in the venture with the two Indian state-run banks will be made through its unit HSBC Insurance Holdings Ltd, according to a statement issued at the briefing in New Delhi today.
The joint venture, which will have a capital base of $73 million (Rs324 crore), will have a contribution of $40 million from HSBC, $23 million from Canara Bank and $10 million from Oriental.