ICRA assists Bulgarian Credit Rating Agency with assignments
New Delhi: ICRA Ltd has successfully assisted the Bulgarian Credit Rating Agency (BCRA) in executing two rating assignments. A team of ICRA analysts was deputed to Sofia in Bulgaria to assist the BCRA with the assignment.

These assignments involved assessing the claims paying ability of Bulstrad General Insurance Company (Bulstrad), and also evaluating the pension funds managed by Doverie for their management and investment quality, according to an ICRA release.

Both the companies evaluated form part of the TBIH group, an associate of the Kardan group of Israel, which has considerable business interests in Bulgaria. While Bulstrad is the largest general insurance company in Bulgaria with an estimated market share of 17 per cent, Doverie is the second largest pension fund company in Bulgaria.
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Canara Bank plans to raise Rs400-crore Tier II capital
Bangalore: Canara Bank plans to raise Rs300 crore to Rs400 crore through the tier II capital route in order to fund some of its business plans and also to increase its capital adequacy ratio to 13.93 per cent from the current 12.66 per cent.

The bank has said that though the bank's CAR (capital adequacy ratio) was adequate to meet its current requirement, it was tapping tier II capital as a preparation to meet the dynamic market requirements.

The bank has recently introduced some products such as 'Cantravel' for encouraging tourism and 'Canbudget' to encourage retail lending.

The bank's retail lending is expected to expand to Rs13,000 crore by the end of the current fiscal against the current level of Rs9,000 crore. The overall business by the current fiscal is expected to reach Rs1,55,000 crore (both advances and deposits), as against Rs1,34,000 crore during 2003-04.

Canara Bank also plans to distribute general insurance products. A decision on the tie-up with the insurance company will be announced by next week, the bank has said.
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