Syndicate Bank in pact with United India

China: Syndicate Bank is to sign a memorandum of understanding with United India Insurance to sell the latter's policies, said its chairman and managing director, Michael Bastian yesterday.

Addressing a press conference he said that the understanding would most probably be signed in May. He added that the bank was likely to tie up with another general insurance company to sell its products, and had sought the Reserve Bank's permission to start a subsidiary for the purpose. Insurance regulations do not permit a company to sell more than one company's policies at a time.

Bastian felt that size and position in the banking hierarchy were important. The bank hoped to do more than Rs 80,000 crore (Rs 64,330 crore) of business in the current financial year, he added.