23 November 2000

PNB plans insurance foray with Munjals and Zurich
New Delhi: State-owned commercial bank, Punjab National Bank, is said to be planning an entry into the insurance sector by tying up with Switzerland-based Zurich Insurance and the Munjals-led Hero Honda Group.

According to sources, the bank is to hold 15 per cent in the venture, the Swiss company is expected to hold the maximum permissible 26 per cent, with the balance going to the Hero group.

The joint venture company is expected to apply to the IRDA soon, thus making it the second tri-partite venture into the just-liberalised insurance sector and the first instance of a public bank zeroing down on a partner.

22 November 2000

HDFC Bank picks up new instrument issued by GE Capital
Mumbai: A new financial product developed by HDFC Bank and GE Capital, which links the interest rate to the Reuters three months commercial paper reference rate, has been completely privately placed with the former.

The new floating rate non-convertible debenture worth Rs. 25 crore issued by GE Capital has been completely subscribed to by HDFC Bank.