Bajaj Allianz offers motor cover for WIAA members
Mumbai: Bajaj Allianz General Insurance Company will soon team up with the Western India Automobile Association (WIAA) to offer a motor insurance policy for the latter's members. A memorandum of understanding to this effect is expected to be signed shortly. With this tie-up, the company hopes to cash in on the captive database of the association whose members are already educated in safe-driving techniques, sources were quoted as saying.

Nitin Dossa, chairman, WIAA, said the policy will offer a range of benefits to WIAA's 50,000 members including enabling cashless claims etc. "With the de-tarriffing of motor insurance from April 1,2005, WIAA hopes to do a business of more than 5 lakh private cars under this unique policy, targeting a premium income in excess of Rs 100 crore," he said. "Once de-tarriffing takes place, the association will be in a position to bargain with companies and get a high discount on the premium from insurance companies," he added.
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HDFC to open office in Erode
Coimbatore: HDFC will open a branch office at Erode on August 25. It will be its 13th office in Tamil Nadu. The new office will serve the needs of its clients in Erode, Gobichettipalayam, Perundurai, Bhavani, etc. R.V.S. Rao, executive director, will
inaugurate the branch.
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IIB to change its stripes
Coimbatore: Indian Institute of Bankers (IIB), a 75-year-old organisation, has resolved to change its name. It will now be called The Indian Institute of Banking and Finance. IIB has amended its charter and got the approval for effecting the name change from the central government.

The IIB board is to meet on August 28 for passing a Special Resolution to this effect. R.H. Sarma, chief executive officer, IIB told that this was a repositioning exercise. "The Institute had in the last four decades concentrated only on conducting examination (for bankers). In the post-liberalisation era, newer players have emerged and with it the risk factor has also increased. This has compelled the bankers to acquire new skills to face the challenge. The IIB has realised the need to gear up professionals for the morrow," he said.
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Syndicate Bank Rs 100-crore bonds fully subscribed
Bangalore: Syndicate Bank has "successfully" placed its Rs 100-crore bond issue, says a bank release. The issue was closed on 19 August after the targeted amount was raised in just one day. The bond issued for slightly under 7 years, and priced at 6.10 per cent.

The release said the bonds will be treated as part of the tier two capital and used for expanding its asset base. The pricing is about 70 basis points (0.7 per cent) above the sovereign yields for bonds with a similar maturity profile. However, the pricing is also slightly higher (10 basis points) than the maximum term deposit rate of the bank.
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SBH to organise personal loan utsav
Hyderabad: State Bank of Hyderabad (SBH) is organising a personal loan utsav at Visweswaraiah Bhavan on August 24. Bulk loans would be sanctioned as per eligibility. Housing loans, car loans and education loans would also be sanctioned at huge concessions in interest rates and hassles-free documentations.
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