Canara Bank enters into agreement with ECGC

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Canara Bank has entered into corporate agency agreement with the Export Credit Guarantee Corporation of India Limited. An agreement to that effect was signed by Mr. M B N Rao, Chairman and Managing Director of Canara Bank and Mr. A V Muralidharan, Chairman and Managing Director of the Export Credit Guarantee Corporation of India Limited on 22.01.2008 at Bangalore. Canara Bank will provide export credit insurance agency services from its branches across the country. This is a step towards hassle free value added service without any additional cost to exporters.

 

In the present scenario of robust economic growth and changing customer preferences, there is a need to anticipate and proactively respond to provide world class products and services.

 

Canara Bank is a front runner in export finance, recording a total forex business turnover of Rs. 137207 crore with an outstanding export credit of Rs. 8350 crore. ECGC is the 5^th largest credit insurer of the world in terms of coverage of national exports. It is recognized as a specialised institution by IRDA operating exclusively in the field of credit insurance. ECGC has now widened its marketing channels through bancassurance.

 

Canara Bank has taken a positive step in this direction in joining hands with ECGC. The coveted delivery channels of the bank comprising of 1 International Division, 16 Foreign Departments, 19 Overseas Branches and 133 designated branches for exports, catering to the needs of exporters spread across the country are well equipped to take this forward. This synergy between the two is a sure step in the direction of growth in meeting the country's export challenges.

 

Sourced From: Canara Bank