ABN AMRO Bank NV and Dabur CGU Life Insurance today signed a Letter of Intent to retail Life insurance products in the Indian market.
ABN AMRO Bank NV and Dabur CGU Life Insurance today signed a Letter of Intent to retail Life insurance products in the Indian market. ABN AMRO’s tie up as a Corporate Agent of Dabur CGU will be subject to all regulatory approvals being in place. Under the corporate agency agreement between the two companies, ABN AMRO’s ten branches across India will offer a wide range of Dabur CGU’s life insurance and pensions to the bank’s customers. Dabur CGU will also utilize ABN AMRO Bank for its requirements on Custodial, Fund Accounting and Cash Management services.
Romesh Sobti, executive vice president and country representative, ABN AMRO Bank India, said: “With this tie up we will fulfill an important need of our customers - life insurance, pension and annuity products. We are delighted to be working with Dabur CGU Life Insurance who share our core values on trust, integrity and customer satisfaction and have a strong commitment to the Indian market. We will soon offer specially packaged products, with easy payment options backed by expert advice on life insurance and pension products to our customers.”
On the occasion of announcing the tie up, Stuart Purdy, CEO, Dabur CGU Life Insurance, said: “The alliance forms part of our core strategy of ensuring a wider distribution across India. Bancassurance is a key aspect of our network and will benefit the customers with a wider range of services that a bank can offer. Tying up with ABN AMRO Bank NV marks a major milestone towards achievement of this objective.”
Once all the regulatory approvals are in place, ABN AMRO Bank will, in a phased manner, launch life insurance products across the country.
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About ABN AMRO Bank NV
ABN AMRO is one of the largest financial institutions in the world and services its wholesale, consumer & commercial, and private & asset management clients through an extensive global network. Headquartered in Amsterdam, ABN AMRO has total assets of approximately US$500 billion and employs more than 100,000 professional staff. ABN AMRO was founded in 1824 and has been active in Asia since 1826. It is celebrating its 175th anniversary in the region this year.
The first branch in India was opened at Calcutta in 1920. Today, there are ten branches and 41 ATMs in seven cities – Calcutta, Mumbai, Delhi, Chennai, Pune, Baroda and Hyderabad. The bank is planning to open new branches in Bangalore, Ludhiana and Lucknow in the next 6 months. There is a strong focus on the Consumer & Commercial Clients business in India and it currently offers a wide range of assets, liability and investment products to its customers.
ABN AMRO Bank is also planning to set up a national processing center and a call center in India. Through a combination of branch expansion and growth in non-branch delivery channels using media, like ATMs and Internet, the bank intends to bring a whole new experience to banking. ABN AMRO seeks to position itself as a full service player in the consumer banking market in India.
Apart from the Consumer & Commercial clients, the Bank also offers to its Wholesale Clients, a complete suite of services including Corporate Banking; Treasury and Fixed Income; Corporate Finance; Global Transaction Services; Structured Finance; Equity Brokerage and Custody and Depository Services. ABN AMRO group companies in India are:
ABN AMRO Asia Corporate Finance Limited: It provides investment banking and advisory services (equity and debt syndication, M&A) through its varied international experience.
ABN AMRO Securities India: A 75 per cent subsidiary and a primary dealer, it has emerged as one of the largest arranger of funds for Indian corporate from the debt capital markets.
ABN AMRO ASIA Equities: Set up in 1993, it provides equity and allied broking and services to FIIs and has captured 5 per cent market share.
ABN AMRO Lease Plan: This company meets the complete vehicular requirements of corporate clients including vehicle maintenance, insurance tax management and fleet replenishments
About Dabur CGU
Dabur CGU is a joint venture between the CGNU Group of UK and the Dabur Group. It has applied for a licence to operate in India and expects to commence operations subject to the regulatory approvals.
CGU is a part of CGNU Group, the UK’s largest insurance group and 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 is India’s leading manufacturer of herbal healthcare products.