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Indian bank, PNB sign MoU

Indian Bank signs agreement with PNB Principal Insurance Advisory for insurance advisory business.

india Updated: Jan 25, 2006 18:34 IST

Indian Bank on Wednesday signed an agreement with PNB Principal Insurance Advisory Co Pvt Ltd for insurance advisory business and PNB Principal Financial Planners Pvt Ltd for the financial planning business.

The strategic alliance would enable access to the financial products of 30 insurance companies, both life and non-life and an equal number of investment solutions under one roof to the bank's 20 million customers across the country, K C Chakrabarty, Chairman and Managing Director of the bank told newsmen after signing the MoU.

As per the alliance with the advisory company, the bank would deliver risk management solutions to its customers through the insurance advisory route. The solutions offered would include risk assessment, insurance portfolio analysis and placement and insurance portfolio administration, besides claims management.

The alliance with PNB financial planners would see the bank distribute investment solutions offered by the former through its extensive branch network. Support would be provided in the area of financial planning, investment advisory, research, systems and business development to Indian bank, he said.

Chakrabarty and Sanjay Sachdev, Country Manager, India, Principal Financial group, signed the MOU. The alliance would help achieve a 250 per cent jump in terms of total business to the bank in the next one year, Sachdev said.

First Published: Jan 25, 2006 18:34 IST