Mumbai: Dutch banking giant ABN Amro has tied up with Anil Ambani group firm Reliance General Insurance to sell the latter’s products through its network.
Under the exclusive bancassurance tie-up, ABN Amro would distribute Reliance’s general insurance products through its bank network and distribution channel.
When contacted, ABN Amro officials declined to comment, but industry sources said an announcement of the partnership could be made very soon. A Reliance Insurance spokesperson was also tight-lipped, saying “we would not like to comment on this”.
The deal follows after ABN Amro’s similar tie-up with ICICI Lombard General Insurance expired last month.
The sources said such a tie-up helps the bank to offer one more service under its bouquet, while the insurer could get an incremental annual business between Rs70-200 crore.
This tie-up could be part of ABN Amro’s strategy to increase its retail footprint in India and expand its distribution reach by offering a range of insurance products to its customers, they added.
ABN Amro, through its operations in India, offers a diverse range of products including personal loans, credit cards, savings accounts, financial planning, investment and insurance services. With assets over 504 billion dollars, ABN AMRO Bank ranks among the top 10 banks in the world in size and strength.
Reliance General has been among the fastest expanding insurance companies in India recording high growth and aggressively marketing its products to corner sizable market share.