Bharat Overseas Bank to sell ING Vysya Life Insurance
plans
Our Banking Bureau
24 March 2003
 Chennai:
ING Vysya Life Insurance Company has announced its
agreement with Bharat Overseas Bank, a bank with 30 years
of experience in the Indian market, to sell its insurance
plans. The bank will promote the insurance products to
its over 2.5-lakh customers across 77 branches.
ING
Vysya Life managing director and CEO Yvo Metzelaar and
Bharat Overseas Bank chairman G Krishna Murthy signed
the memorandum of understanding at a press conference
here.
Says
Metzelaar: “Bharat Overseas Bank is a trusted bank
with an excellent distribution network. This tie-up gives
us the opportunity to leverage its customer base. We are
very glad with this partnership, but the real winners
will be the customers of Bharat Overseas Bank who will
have access to innovative and personalised bancassurance
products. So far our bancassurance schemes are being promoted
by ING Vysya Financial Services.”
Says
Murthy: “Bancassurance is an important new vista
in our activities. We have obtained the necessary approvals
from Reserve Bank of India. As a corporate agent we will
be distributing ING Vysya Life Insurance products through
our selected branch network.”
 Murthy
adds: “At Bharat Overseas Bank, it is our constant
endeavour to further improve customer service. Our objective
is to provide a slew of financial services products to
our customers. In this process, we are tying up with ING
Vysya Life to distribute their insurance products. We
are aware that banking skills and insurance skills are
not fungible. Therefore, we have specially trained a group
of officers in life insurance products.”
 ING Vysya Life Insurance
is a joint venture between ING Insurance International
BV, a part of ING group, the world’s largest life
insurance company, ING Vysya Bank, with 1.5-million customers
and over 400 outlets, and GMR Technologies and Industries,
part of the GMR group, also based in Bangalore and involved
in power generation, infrastructural development and several
other businesses. ING Vysya Life has a paid-up capital
of Rs 140 crore and an authorised capital of Rs 200 crore.
Bharat
Overseas Bank is a fast-growing private sector bank having
its headquarters in Chennai, is owned by seven banks and
possesses net-owned funds of Rs 123 crore. The bank has
a network of 79 branches in important cities all over
India. The 29-year-old bank has a credit portfolio of
more than Rs 1,000 crore and deposit of over Rs 1,800
crore from its Indian operations. In addition, the bank
has a branch in Bangkok. Its is the only Indian private
sector bank with an overseas presence.
 The
bank is consistently registering good profits; the operating
profit for last year was Rs 53.34 crore while its net
profit was Rs 22.50 crore. The bank’s capital adequacy
ratio is 15 per cent, well above the stipulated norms
of 9 per cent.
List
of reports Bharat Overseas Bank
List
of reports ING Vysya Life Insurance
List
of general reports on insurance
List
of general reports on marketing
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