City Union Bank join hands with LIC
Chennai: City Union Bank has tied up with LIC for offering insurance-linked banking products that will add value to depositors and borrowers.

Under a scheme to be launched in association with LIC, the bank will provide life cover and accident cover ranging from Rs 20,000 to Rs 50,000. A bank also plans to introduce co-branded products in association with LIC and National Insurance Corporation.
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SBI ties up with Apollo Hospitals
Chennai: State Bank of India (SBI) has entered into separate agreements with Apollo Hospitals to extend loan assistance for hospital treatment. State Bank of India chief general manager S Krishnamurthy said that the bank is increasingly looking to the retail segment for its business. It will come out with a range of products that will help tap the potential available in the retail segment.

This segment has emerged a dominant market as compared to the corporate segment that was the main focus earlier. SBI-Apollo Medi-Plus scheme envisages extending loan assistance for expensive hospital speciality medical treatments such as coronary by-pass, heart valve replacement, hip and knee joint replacement and orthodontic treatment. The loan assistance will range between Rs 50,000 and Rs 2 lakh at an interest of 11.5 per cent.
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Canara Bank, SIDBI join hands
Bangalore: Canara Bank has signed a memorandum of understanding (MoU) with the Small Industries Development Bank of India (SIDBI) for co-financing small-scale industries, service sector and for undertaking related infrastructure projects. Canara Bank proposes to increase advances to SSIs by Rs 626 crore during the current fiscal, a growth of 16.21 per cent and take the outstanding credit to SSI to Rs 4,510 crore, said the bank's chairman and managing director, R V Shastri.

Shastri said the arrangement will help in accelerating flow of credit to the SSI segment. "The arrangement will create synergies in identifying, evaluating and extending finance to upcoming units." As part of the arrangement, both institutions will entertain loan proposals for term loans as well as working capital. The co-financing arrangement would have the advantage of core competence of both the financial institutions and the branch network of Canara Bank, which will benefit the clients to access a variety of financial packages to suit their specific needs.
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Deloitte to plan business strategy for LVB
Coimbatore: Lakshmi Vilas Bank (LVB) is drawing up an action plan for future business strategy by engaging the services of Deloitte Touche Tohmatsu. "The plan should be in place, ready for implementation before December 2003," bank chairman and CEO A Krishnamoorthy said. LVB's decision to appoint an MNC as its business strategist is aimed at enhancing its strength in the market place.

The bank will endeavour to improve the value of disclosures and ensure transparency for investor decision, he added. Krishnamoorthy was here in connection with the opening of the bank's first personal banking branch in the country. Recalling the recent developments in LVB, he said that the response to the Tier II bonds was overwhelming, compelling the bank to foreclose the issue within 15 days of opening.
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ICICI Pru launches unit-linked plans for children
Mumbai: ICICI Prudential Life Insurance has launched two SmartKid unit-linked child plans.
The new plans are available in two options — a regular premium and a single premium option.

"Given the consumer interest in the child category, and the growing awareness and popularity of unit-linked products, we decided to combine the features of both these, to give the customer a product that would meet all their needs in the most flexible way possible. Going forward, we think such products will comprise a significant part of our portfolio," said Shikha Sharma, managing director, ICICI Prudential.
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