Canara HSBC Life Insurance plans expansion

Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited – a joint venture between Canara Bank, Oriental Bank of Commerce and HSBC Insurance (Asia Pacific) Holdings Limited-has entered into a strategic distribution tie-up with HSBC InvestDirect. HSBC InvestDirect provides a range of services such as security broking, depository services, investment advisory, distribution of financial products, and securities related financing to its customers.

HSBC InvestDirect currently has a network of 77 branches which will help Canara HSBC Oriental Bank of Commerce Life Insurance Company reach out to more than 1.3 lakh customers with need-based life insurance solutions, the insurance company asid in a statement.

 

In order to meet its expansion plans and support business growth, the life insurer’s three shareholders have infused capital of Rs 100 crore on May 25, 2010 – increasing the total capital base to Rs 725 crore.