Our Bureau

Mumbai, June 21

MAX New York Life has signed a referral bancassurance agreement with Kapol Co-operative Bank.

The company already has tie-ups with Thane Janata Sahakari Bank, New India Co-operative bank, Kalupur commercial co-operative bank and Yes Bank.

Kapol Co-operative bank will offer Max New York Life's products across its 15 branches.

Mr V. Viswanand, Head, Bancassurance, Max New York Life, said co-operative banks, given their geographical focus, have strong customer relationships.

Max New York Life has a capital base of Rs 466 crore and has sold a total of 5,09,000 policies so far. The company has been hiking its capital by Rs 100 crore every year.

"With the interest rate declining and a squeeze on margins in recent years, it has become imperative for banks to seriously look towards fee-based income options," he said.

Kapol Co-operative Bank has a customer base of about 2,50,000. The bank has set itself a business target of Rs 1 crore for Max New York Life in the next one year.

(This article was published in the Business Line print edition dated June 22, 2005)
XThese are links to The Hindu Business Line suggested by Outbrain, which may or may not be relevant to the other content on this page. You can read Outbrain's privacy and cookie policy here.