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Wednesday, Jun 22, 2005

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Max NY Life in bancassurance pact with co-op bank

Our Bureau

Mumbai , June 21

MAX New York Life has signed a referral bancassurance agreement with Kapol Co-operative Bank.

The company already has tie-ups with Thane Janata Sahakari Bank, New India Co-operative bank, Kalupur commercial co-operative bank and Yes Bank.

Kapol Co-operative bank will offer Max New York Life's products across its 15 branches.

Mr V. Viswanand, Head, Bancassurance, Max New York Life, said co-operative banks, given their geographical focus, have strong customer relationships.

Max New York Life has a capital base of Rs 466 crore and has sold a total of 5,09,000 policies so far. The company has been hiking its capital by Rs 100 crore every year.

"With the interest rate declining and a squeeze on margins in recent years, it has become imperative for banks to seriously look towards fee-based income options," he said.

Kapol Co-operative Bank has a customer base of about 2,50,000. The bank has set itself a business target of Rs 1 crore for Max New York Life in the next one year.

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