Financial Daily from THE HINDU group of publications
Wednesday, Jul 07, 2004
Financial Daily from THE HINDU group of publications Wednesday, Jul 07, 2004 |
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Money & Banking
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Life Insurance Max NY Life in talks with banks for equity tie-ups Our Bureau
Pune , July 6 MAX New York Life is in talks with a number of large banks which might want to forge an "equity-based partnership'' with the company.The insurance company is working at developing its business through bancassurance route. The company is also looking at floating an SPV with a number of banks which might then exclusively look at developing various products being offered by the insurance company, CEO and Managing Director, Mr Anuroop Singh, said at a press conference here today. Mr Singh said the company, which is now revving up its bancassurance business, will look at large banks with larger market penetration. "We are looking at banks who will have to put in a token equity participation as this will ensure their commitment and accountability in the partnership,'' Mr Singh said, declining to reveal names of the banks with which discussions are on. "We hope to conclude the talks within the next twelve months,'' he said. The company is also looking at developing its bancassurance business through relationships with small banks for which it will provide customised products, Mr Singh said, adding that these banks will also help meet rural market targets. "In the next 5-7 years, bancassurance will contribute to 30 per cent of our business,'' he said. Mr. Singh, who was in the city to mark the opening of its second office in Pune, said the company has crossed the three lakh mark in the number of policies sold, garnering Rs 12,000 crore in sum assured in the process.
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