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Wednesday, Jul 07, 2004

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Dena Bank to vend Oriental products

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Mr S. L. Mohan, Chairman, Oriental Insurance, with Dr A. K. Khandelwal, CMD, Dena Bank, at a function in Mumbai on Tuesday. - - Paul Noronha

Mumbai , June 6

DENA Bank and Oriental Insurance Company Ltd have entered into an agreement for the distribution of latter's insurance products through a referral arrangement.

The insurance company will be offered space at 236 branches of Dena Bank, while the products would be made available at all of the bank's 1,135 branches, said Dr A.K. Khandelwal, Chairman and Managing Director, Dena Bank, addressing a press conference here on Tuesday.

The bank would not only get a fixed income from the space allotted to Oriental Insurance, but also make a commission on the premium collected, he said.

Mr S.L. Mohan, Chairman, Oriental Insurance Company, said the tie-up with Dena Bank would help the insurer to further penetrate the rural market, where it sees good potential for business.

Oriental Insurance recorded a four per cent rise in premium income at Rs 700 crore in the first quarter ended June 2004, he said.

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