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Tuesday, Oct 22, 2002

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Karnataka Bank to distribute MetLife products

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THE 79-year-old private sector Karnataka Bank has signed an agreement with MetLife India for distributing insurance products as a `corporate agent', a move which the bank's Chairman and CEO, Mr Ananthakrishna, feels will result in "enhanced value-addition to the bank's customers.''

According to a statement issued by the bank here, MetLife India Managing Director, Mr Venkatesh S. Mysore, feels that the "current corporate agency distribution model" would provide access to a much wider cross-section of the population. Karnataka Bank, according to Mr Mysore, was an "automatic choice" given its strong presence in Karnataka and extensive knowledge of local client requirements, according to the statement.

MetLife India is an affiliate of the 133-year-old US-based MetLife (Metropolitan Life Insurance Company), which is said to have 88 of the Fortune 100 companies in the US as its clients. Karnataka Bank has 360 branches in 14 States and two Union Territories with its total business having crossed Rs. 10,000 crore.

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