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The Dharwad-headquartered regional rural bank Karnataka Vikas Grameen Bank (KVGB) and ‘Canara HSBC OBC Life Insurance Co Ltd’ signed an bancassurance agreement in Dharwad on Monday.
Under the agreement, KVGB will market products of the Canara HSBC through its 636 branches in nine districts of Karnataka.
Speaking on the occasion, P Gopi Krishna, Chairman of KVGB, said that the bank has enhanced its portfolio to meet the diverse financial needs of its customers. On the alliance with Canara HSBC, he said the customers of KVGB will get access to bouquet of products that would cover their core financial needs and deliver good value through a range of solutions that the company offers.
Pradeep Gopalaiah, Vice-President and RRB Channel Head of Canara HSBC OBC Life Insurance Co Ltd, said the bancassurance products have been showing good growth, particularly the traditional products. All the life insurance products of Canara HSBC OBC Life Insurance would be made available to customers of KVGB, he said.
The insurance company is jointly owned by Canara Bank (51 per cent), Oriental Bank of Commerce (23 per cent), and HSBC Insurance (Asia Pacific) Holdings Ltd (26 per cent). Sponsored by Syndicate Bank, KVGB has jurisdiction over Dharwad, Gadag, Haveri, Bagalkot, Belagavi, Vijayapura, Uttara Kannada, Udupi and Dakshina Kannada districts of Karnataka.
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