Home > Business > PTI > Report

OBC, Oriental Insurance ink bancassurance pact

August 21, 2003 14:45 IST

Oriental Bank of Commerce on Thursday announced a tie up with Oriental Insurance Company for selling general insurance products through its branches.

OBC, which earlier tied up with Life Insurance Corporation, will now distribute both life and non-life products through its branches.

"This will be in furtherance of the bank's customer centric commitment to provide value-added services of both banking and insurance through a single window," B D Narang, chairman, OBC, said after the signing up ceremony in New Delhi.

Oriental Insurance chairman S L Mohan said the tie-up reaffirms the company's commitment to the success of bancassurance in India.

Under the "symbiotic" arrangement, OBC will act as a corporate agent of Oriental Insurance.

OBC's nationwide network of 1,150 branches and a significant credit exposure to retail and small and medium enterprises would provide synergy to the PSU general insurer.

Oriental Insurance is one of the four leading insurers in the country with a premium income of Rs 2,868 crore (Rs 28.68 billion) in 2002-03 and has nationwide presence with over 900 offices.

OBC, on the other hand, is one of the best managed PSU banks with 14 per cent capital adequacy ratio and only 1.1 per cent of non-performing assets. The bank posted a net profit growth of 42.5 per cent at Rs 457 crore (Rs 4.57 billion) last fiscal.


Article Tools

Email this Article

Printer-Friendly Format

Letter to the Editor



Related Stories


Bancassurance boom

Aviva keen on non-life sector

Getting insured



People Who Read This Also Read


BPCL to tie up with Chevron

BPCL to foray into E&P business

BPO boost for Bangalore





© Copyright 2003 PTI. All rights reserved. Republication or redistribution of PTI content, including by framing or similar means, is expressly prohibited without the prior written consent.








Copyright © 2003 rediff.com India Limited. All Rights Reserved.