Corporation Bank, a premier government of India Enterprise, has entered in to an Agreement to-day, i.e. 28th October, 2003 with The New India Assurance Co.Ltd. in continuation to their Memorandum Understanding signed earlier to provide Non-life insurance products to its customers.

Corporation Bank has been consistently in the forefront to provide new value added services to its customers. Constant innovation has been its forte and it has spared no efforts to provide the best of service to its clientele. It may be recalled that the Bank is already action as Corporate Agent for Life Insurance corporation of India for life insurance business. At present, the Bank has 700 branches and 88 extension counters and 555 ATMs across the country.

The New India Assurance Co. Ltd. is the largest Non-life Insurance Company in the Indian Market and the first Indian Non-life Insurance Company to cross global direct premium of Rs. 4812.79 crores in Indian and Abroad. The Company has been re-affirmed 'A' Excellent rating by A.M.Best (Europe) for fourth consecutive year for its superior capital base, strong presence in domestic market and conservative investment portfolio. New India's range of 180 products cater to the needs of various cross section of society, trade, industry and commerce in rural and urban sectors.

Both the Institutions are known for their sound Management Policies and long term commitments. Corporation Bank envisages vast scope in insurance penetration and immense potential to boost its revenue income through Corporate Agency.

Shri K. Cherian Varghese, Chairman & Managing Director, Corporation Bank in his address, stated that The New India Assurance Company, the leader in the general insurance, business, has chosen Corporation Bank as its agent, For the bank, this is yet another important partnership to offer value addition to its customers. The Bank will offer non-life products of New India through all its branches. As on date, the Bank has 140 employees who have been imparted required training for selling life insurance as well as non-life insurance products. The Bank has taken this as a focused business proposition for improving its non-interest income, he added.

Shri R Beri, Chairman-cum-Managing Director of The New India Assurance Co. Ltd., in his address stressed the importance in new initiatives in Bancassurance tie ups in India, which will not only enhance the financial standings of both the organisations, but add convenience to the public seeking Banking and Insurance services.

Shri A.V. Purushothaman, Director and General Manager of The New India Assurance Co.Ltd in his welcome address highlighted the challenges and opportunities thrown open in the wake of liberalisation of financial sector especially inTraditional insurance industry and was very optimistisc that New India and Corporation Bank throught this tie-up will serve national economy and work for the betterment of large cross section of public by offering banking and insurance service at one point.

Shri P.K. Gupta, Executive Director, Corporation Bank, in his vote of thanks mentioned about the strong relationship that has been built between the two premier organisations and stressed the need for sustaining this. He thanked the representatives from various print and electronic media for responding to our invitation and attending the press meet. He also thanked all the distinguished invitees for attending the ceremony and assured that both the institutions will strive for the success.

28/10/2003
IBD/NEW INDIA
MUMBAI