Canara HSBC Oriental Bank of Commerce Life Insurance Company Ltd, a partnership between two nationalized banks -- Canara Bank and Oriental Bank of Commerce and HSBC Insurance (Asia Pacific) Holdings Ltd, the Asian insurance arm of HSBC, started its operations from its headquarter in Gurgaon. On the first day Union Finance Minister P Chidambaram gave away the first 8 policies of the company to underprivileged children at a function.
The new company is capitalized at Rs 325 crore ($81 million). In this partnership Canara Bank has the major stake of 51 per cent in the company; HSBC and OBC have 26 per cent and 23 per cent respectively. In the beginning the company has launched 8 types of life insurance policies with a mix of traditional and unit-linked schemes. The company’s main focus will be on the banc assurance model. The company has an exclusive customer base of 40 million customers and a nationwide network of 4,000 branches.