Canara Bank, HSBC Insurance (Asia-Pacific) Holdings Limited and Oriental Bank of Commerce have today been granted a license by the Regulator (Insurance Regulatory and Development Authority) to jointly launch a life insurance company in India. The new company, to be called Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited, has already been capitalised at Rs 325 crore (approximately US$81 million).

Shri MBN Rao, Chairman and Managing Director of Canara Bank and Chairman of the Board of the Company, said: “All the shareholders are deeply committed to the Indian life insurance market and are pleased to receive the certificate of registration. Alongside the regulatory approval, a project team has been established in Gurgaon to build the significant operational and sales support capability that will be needed to serve the immense distribution reach of the shareholders.” David L Fried, Chairman and Chief Executive Officer of HSBC Insurance (Asia-Pacific) Holdings Limited, added: “With the support of Canara Bank and Oriental Bank of Commerce and HSBC’s insurance expertise, we have made significant progress in getting the Company ready to operate. All three shareholders are committed to ensuring that the new company is operated to world-class standards and is competitive in India’s fast-growing insurance market.”

Shri Alok K Misra, Chairman and Managing Director of Oriental Bank of Commerce said: “Our customers and staff are already tremendously excited about the forthcoming launch and we’re taking steps to increase the staffing and support. We expect to see a significant increase in production following the launch of the Company.” 

Sourced From: Canara Bank