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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