MUMBAI: Canara HSBC Oriental Bank of Commerce Life Insurance Co Ltd said on Thursday it has got the licence to operate in India from the Insurance Regulatory and Development Authority.
The company is a joint venture between state-run Canara Bank, Oriental Bank of Commerce and HSBC Insurance (Asia-Pacific) Holdings Ltd. The JV has been capitalised at Rs 325 crore, in which HSBC has contributed Rs 177 crore, it said in a statement.
HSBC holds 26 per cent in the joint venture, the maximum stake a foreign firm can hold in an Indian insurance company.
The company is a joint venture between state-run Canara Bank, Oriental Bank of Commerce and HSBC Insurance (Asia-Pacific) Holdings Ltd. The JV has been capitalised at Rs 325 crore, in which HSBC has contributed Rs 177 crore, it said in a statement.
HSBC holds 26 per cent in the joint venture, the maximum stake a foreign firm can hold in an Indian insurance company.
Source: Economic Times/8 May, 2008
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