New JV insurance company by Canara Bank

Chennai, Jul 21, 2008 (Asia Pulse Data Source via COMTEX) -- CNRKF | Quote | Chart | News | PowerRating -- The Public sector Canara Bank today said that it has started a new joint venture insurance company, "Canara HSBC Oriental Bank of Commerce Life Insurance Company Ltd".

"This is the maiden life insurance company floated by a Nationalised bank - Canara Bank - which has a stake of 51 per cent" Canara Bank General Manager R Prabha said in a press release here.

HSBC and Oriental Bank of Commerce have a stake of 26 per cent and 23 per cent respectively.

Canara HSBC is the first Life Insurance Company to be capitalised to Rs 325 crore at the point of inception. The projected premium collection for the first year is expected to Rs 180 crore, the release said.

Speaking after launching the products, Joint Venture Insurance Company Director-Sales Gregory Hardman expressed the hope that the people of Tamil Nadu would join the schemes launched by the company.

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