Dabur CGU and Canara Bank announced today that they intend to establish a distribution partnership for retailing life insurance products, once the necessary regulations are in place.
Dabur CGU and Canara Bank announced today that they intend to establish a distribution partnership for retailing life insurance products, once the necessary regulations are in place.
Dabur CGU is co-promoted by Dabur and CGU, the world's oldest and the UK's largest insurance group. Last year the Company's premium income exceeded US$40 billion of which over US$8 billion originated from bank distribution relationships, thus making the Company one of the leading global experts in the field of bancassurance.
Canara Bank is India's second largest bank with total business in excess of Rs 88,000 crores (US$ 18.7 billion). The bank’s 2,406 branches in India give it a distribution capability that is truly nationwide.
Dabur CGU's expertise coupled with Canara Bank's position and reach makes this a formidable partnership.
Sri R V Shastri, chairman and managing director, said: "We at Canara Bank are constantly striving to bring value added services and products to our customers. In Dabur CGU we have a partner who not only shares these objectives but has a track record of delivery around the world".
Stuart Purdy, CEO of Dabur CGU, said: "We are delighted by the prospect of working with Canara Bank and look forward to launching this business in the new year”. He added that, "The partnership with Canara Bank is the most significant step towards the success of our core strategy of achieving a wider distribution across India".
It is not just the drive for customer service and value addition that the partners have in common. Both Dabur CGU and Canara Bank share a commitment to community development. Canara Bank has a large number of community focussed initiatives to assist rural development around the country. The wider CGU group of companies has been actively involved in many areas of community life, working with people from around the world for their well-being and the improvement of their neighbourhood.
Shah Rouf, director marketing of Dabur CGU, said: "The encouragement of rural entrepreneurship is something that excites us very much and we look forward to working with Canara Bank on some of their existing initiatives whilst also exploring new ones".
-ends-
Editor’s notes:
About Canara Bank
Founded as 'Canara Bank Hindu Permanent Fund' in 1906, it was renamed as 'Canara Bank Ltd' in 1910 and became Canara Bank in 1969 after nationalisation.
Sound founding principles, enlightened leadership, unique work culture and remarkable adaptability to changing banking environment have enabled Canara Bank to be a frontline banking institution of global standards.
The Bank has a network of 2,406 branches in India apart from one branch in London. The branches in India are spread over 25 States/ 4 Union Territories of the country, which are administered through 13 Circle Offices and 32 Regional Offices. The Foreign business of the bank is managed by its international division at Bombay. The bank has a wholly owned subsidiary in Hong Kong, a representative office at Moscow, and manages exchange companies at Dubai, Doha in Qatar and Ruwi in Oman. Classified segment-wise, the Bank has 766 branches in the rural segment, 639 in the semi-urban segment, 516 in the urban segment and 485 branches in the metros.
As on 31st March 2001, the Bank has Rs.59, 070 crore in deposits, Rs.27, 832 crore in Advances and clocked a profit of Rs.285 crore. Currently business exceeds Rs 88,000 crore from over 2,406 branches and 47,766 employees making Canara Bank the largest nationalised bank in the country.
Through its subsidiaries, the bank has been actively involved into housing finance, mutual funds, factoring and money markets.
About Dabur CGU
Dabur CGU is a joint venture between CGNU plc and Dabur Group.
CGNU is the UK's largest insurance group the world's sixth largest insurer. The Group has 15 million customers in over 50 countries around the world and over US$ 300 billion of assets under management.
Dabur is India's fifth largest FMCG company based on sales and India's leading manufacturer of herbal healthcare products.