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Neilson-ORG MARG: LIC most preferred insurance company
Mumbai: Research firm AC Neilson ORG MARG has adjudged Life Insurance Corporation of India (LIC) as `the most preferred life insurance company in the country'.

It conducted a survey for the channel `Awaaz' in which 7,000 respondents from 21 cities participated. According to a press release, the survey was conducted to inform consumers about the attributes they preferred in various brands as well as to create awareness among advertisers about the parameters on which a particular brand is preferred over others.
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PNB steps out into the international arena
Kolkata: The Punjab National Bank (PNB) has initiated talks towards acquiring management stake in a Bangladesh-based bank. It is also opening more branches overseas.

"There are one or two opportunities available with us for equity participation in the banking sector in foreign countries, including one in Bangladesh," chairman and managing director S C Gupta told reporters here on Saturday. While declining to name the Bangladesh bank, Gupta said, "Talks are at an early stage. But if all conditions are met, we will take management control with whatever stake is available."

PNB has already picked up a 20 per cent stake in the Everest Bank of Nepal and has also opened a branch in Kabul and four representative offices in the UK, China, Kazakhstan and Dubai.

"The board has approved few more foreign branches in Singapore, Hong Kong and Canada. We are awaiting approval from Reserve Bank of India and the host countries," he said. Gupta also said the bank was looking forward to starting its operations in Hong Kong because there was huge business opportunity there.

Meanwhile, PNB, which has entered into a joint venture with Principal AMC of US for marketing life and non-life insurance products, was awaiting the Insurance Regulatory Development Authority's approval for its foray into the insurance sector.

Gupta said the bank was expecting a 20 per cent growth in business this year, over the Rs1,63,000 crore achieved last year.

He also said that the gross NPA level was expected to decline from 5.96 per cent in 2004-5 to 4.50 per cent by 2005-06.

PNB's credit-deposit ratio was also expected to increase from 59 per cent to 63 per cent by this fiscal as the bank was taking measures for better credit delivery.
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Bank of Baroda: Rs.6,174 crore G-Secs shifted to HTM category
Mumbai: The Bank of Baroda has shifted Government securities worth Rs6,174 crore from `Allowed for sale' category to `Held to maturity' (HTM) category during the first quarter 2005-06. This is as per the Reserve Bank of India norms, allowing such shifting once during the beginning of the year, said a press release from the bank.

Post-shifting, around 43 per cent portfolio of its G-secs is under HTM category.

With these shiftings, the modified duration of the portfolio has been reduced substantially and a major interest rate risk in the banking operations is unlikely. The current yield on the portfolio is also well protected, the release added.
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