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Canara Bank’s insurance arm plans expansion

Canara Bank’s insurance arm plans expansion
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First Published: Tue, Jun 16 2009. 10 17 PM IST
Updated: Tue, Jun 16 2009. 10 17 PM IST
New Delhi: Canara HSBC Oriental Bank of Commerce Life Insurance Co. Ltd, a joint venture between Canara Bank, Oriental Bank of Commerce and HSBC Insurance (Asia Pacific) Holdings Ltd, plans to double its branches to 1,200 from 600 by the end of this fiscal. To fund these expansion plans, the company will infuse Rs200 crore this year. Currently, the company has a capital base of Rs525 crore.
“The company’s three shareholders will be infusing more capital to support the company’s growth,” said A.C. Mahajan, chairman and managing director of Canara Bank.
Most of the business is currently coming from unit linked insurance plans, said Harpal Karlcut, chief executive of the life insurance company. The company also plans to double up its premium income by the end of this fiscal from the current collection of Rs377.8 crore.
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First Published: Tue, Jun 16 2009. 10 17 PM IST