Canara HSBC Oriental Bank of Commerce Life Insurance Company Ltd

Canara HSBC Oriental Bank of Commerce Life Insurance Company Ltd: Canara Bank, HSBC Insurance (Asia-Pacific) Holdings Limited and Oriental Bank of Commerce (OBC) have signed a non-binding Memorandum if understanding to jointly establish a life insurance company m India. The new company will have exclusive access to the customer bases of both the State-owned banks, Canara Bank and OBC, and HSBC in India. This comprises more than 40 million people and a nationwide network of 3,600 branches. This formidable distribution capability will be used by the company to become a significant player in the country´s rapidly expanding life insurance industry.