Cgu Dabur, Lakshmi Vilas Bank Tie Up
The Tamil Nadu-based Lakshmi Vilas Bank will sign a letter of intent with the $300 billion CGU International Plc tomorrow to act as the corporate agent for insurance venture CGU Dabur Life Insurance Company.
The tie-up with Lakshmi Vilas Bank will be the first alliance for CGU Dabur, the insurance joint venture between Dabur India and CGU International, in the Indian banking sector.
Analysts anticipate CGU Dabur strongly gearing up in the bancassurance business as has been its practice across the globe. They feel that CGU will opt for state-wise alliances with banks.
Also Read
CGU is strong in bancassurance across the globe and has relationships with a number of foreign banks. It has tied up with Standard Chartered Bank in Hong Kong, Singapore and the Philippines.
It has also tied up with ANZ Grindlays in Australia and Citibank in the Middle East. The European insurance outfit is equally strong in bancassurance in the UK through its relationship with Royal Bank of Scotland among others.
CGU Dabur has applied to the Insurance Regulatory and Development Authority for an insurance licence.