Canara
Bank to transfer entire treasury ops to Mumbai
Mumbai: In order to integrate the treasury operations
partly located in Mumbai, Canara Bank is shifting its
entire treasury operations to Mumbai from Bangalore.
Canara
Bank has the largest treasury operations after State Bank
of India and ICICI Bank.
Canara
Bank has its headquarters in Bangalore and ranked fourth
in terms of assets at Rs99,539 crore and third largest
in terms of net profit at Rs1,338 crore for '03-04.
The
bank's forex operations are already located in Mumbai.
At present, the bank has about 25 treasury officials each
at Mumbai and Bangalore.
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Vijaya
Bank to foray into insurance, pension; focus on expansion
Pune: Vijaya Bank is foraying into the life insurance
and pension funds segment and is drawing up expansion
plans, which will take it to the level of a 1,000-branch
bank with Rs42,000 crore in business by end of March 2006.
While the bank can enter the insurance segment any time,
its entry as a manager of pension funds will begin the
moment regulations are in place.
The
bank says it has submitted an application to the IRDA
for a life insurance and pension fund
Vijaya
Bank's non-life insurance business is handled through
the broking company. This was after it snapped ties with
the public sector National Insurance Company.
Focusing
on expansion the bank plans to open its 900th branch in
Mathura on March 28 and add at least 15 more before the
end of this fiscal.
For
Canara Bank the focus of expansion will be on markets
in western and northern region for growth in the next
fiscal and 100 branches will be opened in Maharashtra
alone.
The
bank has 67 branches in Maharashtra.
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Birla
Sun Life puts thrust on rural insurance
Chennai: Birla Sun Life Insurance Company is focusing
on rural insurance and is set to double its rural insurance
policies this fiscal.
After
selling 25,893 rural policies last year the company recorded
sales of 46,351 policies in February this fiscal. About
21 per cent of its total policies are expected to be to
this sector.
According
to Anjana Grewal, vice-president (marketing & communications),
Birla Sun Life Insurance Company the company would comfortably
exceed the mandatory rural insurance stipulation this
year, as it had since its first year of operations.
Life
insurance companies are expected to sell 14 per cent of
their policies to the rural sector in their fourth year
of operations and 16 per cent in their fifth year of operations.
Birla
Sunlife's premiums stand at four levels starting from
Rs50 to Rs200.
The
sum assured is 100 times the premium amount.
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