India
Andhra Bank and Bank of Baroda: together for Life (insurance)?
Presently a corporate agent of LIC, the public sector lender has now formed a joint venture with UK-based Legal and General Plc Insurance Co and public sector Bank of Baroda (BoB) for the launch of its new life insurance products. In a report in the Business Standard, Andhra Bank Chairman and Managing Director RS Reddy said, “The joint venture is going through formalities. We expect some products to be ready in the first quarter of the next financial year.” The venture will focus on creating new products mainly for the rural markets. “Legal has a long product range,” he said, adding both Andhra Bank and Bank of Baroda have an experience in bancassurance and an established network in rural markets.
Andhra Bank and Bank of Baroda: together for Life (insurance)?
Presently a corporate agent of LIC, the public sector lender has now formed a joint venture with UK-based Legal and General Plc Insurance Co and public sector Bank of Baroda (BoB) for the launch of its new life insurance products. In a report in the Business Standard, Andhra Bank Chairman and Managing Director RS Reddy said, “The joint venture is going through formalities. We expect some products to be ready in the first quarter of the next financial year.” The venture will focus on creating new products mainly for the rural markets. “Legal has a long product range,” he said, adding both Andhra Bank and Bank of Baroda have an experience in bancassurance and an established network in rural markets.
Bank of Baroda’s Emirates operations booms 3-fold
Phenomenal growth in its United Arab Emirates operations has left the Bank of Baroda (BoB) eager to expand operations in the area.
RBS' Asian assets sale flops
Talks between Standard Chartered PLC and Royal Bank of Scotland Group PLC (RBS) for the sale of RBS' assets in India, China and Malaysia seem to have flopped due to disagreements in pricing, according to a report in the Wall Street Journal.
MCB Bank to acquire RBS Pakistan
MCB Bank Limited will acquire 99.37 percent of the ordinary share capital in The Royal Bank of Scotland Limited from its major shareholder and sponsor ABN Amro Bank N.V.
Indian banks go for Granny market
Roughly about 80 million seniors in India are being persuaded by banks to avail of customised products.
State Bank of India orders ATMs from Wincor Nixdorf
Wincor Nixdorf executive Ricardos Khoury said State Bank of India plans to install 1,000 more branches and upgrade its services.
SocGen sees India as catalyst for growth
In the next two to five years, SocGen is set to add services to existing locations in India and to acquire 37 percent stake in SBI Funds Management.
PNB eyes stake in Metrokombank
Part of PNB's expansion overseas includes tapping Kazakhastan market.
SBI, State Bank of Indore tie-up asked for clarifications
Concerns prompted Indian government to look for details of the merger.
ICICI Bank to divert assets into JV
ICICI enters a US$80 million joint venture deal with First Data.
DBS Bank ties up with Aviva India
The partnership would enable DBS to offer Aviva services to high net worth customers in India.
Ashraf butters up to Zardar, declares $24.14M profit
Zarai Taraqiati Bank made an unprecedented recovery during the previous year with an increase in profit by US$24.14 million from approximately US$6 million in the previous year.
Dhanalakshmi Bank launches Internet banking
Dhanalakshmi Bank is leveraging technology to spread its footprint across the country with its new Internet banking services.
Seylan's 1st half remittances reach $110.4M
Personalised service to Sri Lankan overseas workers allowed Seylan Bank to disburse US$110.48 million in remittances in the first semester.
Hatton National Bank's profit up 13% to US$15.39 million
Increased earnings from fixed income securities and customer deposits pushed Hatton National Bank's net interest income up by 18 percent to US$61.67 million.
Zarai Taraqiati pegs credit plan at $968M
Zarai Taraqiati Bank Limited's new credit plan for fiscal year 2009-10 will amount to US$968 million for different development schemes.
Honey, I shrunk the bank
India's ICICI Bank may have posted a profit last quarter, but deposits shrunk 6.4 percent even as it increased branches by 13 percent and its rivals gained deposits.
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