The Hindu Business Line : BoM signs agency pact with ECGC

Mangalore, April 2 Bank of Maharashtra and the Export Credit Guarantee Corporation of India (ECGC) Ltd have entered into an arrangement for distribution of export credit insurance of ECGC by bank as its corporate agent.

A bank release said here on Wednesday that Mr M. D. Mallya, Chairman and Managing Director of Bank of Maharashtra, and Mr A.V. Muralidharan, Chairman and Managing Director of ECGC, signed the agreement at Pune on Wednesday. Mr Rajiv Madhok, Executive Director of the bank, and Mr S. Prabhakaran, Executive Director of ECGC, were present on this occasion.

The agreement envisages marketing of export credit insurance products of ECGC through bank’s branches.

Quoting Mr Madhok, the release said that the bank has done pretty well in the field of bancassurance and the current tie-up with ECGC would benefit the export credit customers and the bank in a big way. The bank will be able to leverage its export finance business strength in garnering additional non interest income.

Mr Muralidharan said that ECGC is widening its marketing channels through bancassurance and brokers channels. ECGC is striving to strengthen relationships and improve its delivery service to its customers.

Mr Mallya said this tie-up with ECGC would be beneficial for the bank’s exporter customers.

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