Canara Bank, OBC and HSBC to join together for Life insurance business
March 6th, 2007
The Indian Life Insurance business is all set to get more crowded. Public sector banks Canara Bank and Oriental Bank of Commerce (OBC) along with Global banking group HSBC are coming together for a foray into the life insurance business in India. Market watchers says that the investment of HSBC that it wishes to put into Insurance segment will make it the largest by any foreign banking group in the Indian insurance industry. Canara Bank will have 51% stake, OBC 23% while the remaining 26% will be from HSBC (the FDI permitted limit).
There are already 15 private sector insurance companies apart from the Government-owned and the leader in the segment – Life Insurance Corporation of India. The trio wishes to start the business by the end of the calendar year and would soon get ready to meet the regulatory norms as prescribed by the Insurance Regulatory and Development Authority (IRDA).
Entry Filed under: Insurance
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