Canara, HSBC and OBC life insurance co launched

The new company, headquartered in Gurgaon, is capitalised at Rs 325 crore ($81 million). While Canara Bank holds the majority 51 per cent stake in the company, HSBC and OBC hold 26 per cent and 23 per cent respectively. To begin with the company has launched 8 types of life insurance policies with a mix of traditional and unit-linked schemes. The company will largely focus on the bancassurance model. The company has an exclusive customer base of 40 million customers and a nationwide network of 4,000 branches.