July 30, 2014 5:19 AM ET

Insurance

Company Overview of Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited

Company Overview

Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited provides life insurance policies for child education, women empowerment, skill development, capacity building for youth, women, biodiversity/wildlife, natural resources, and livelihoods globally. It offers group life insurance plans, such as group loan protection, group traditional, corporate group term, and group term plans; and life insurance plan to provide financial protection in absence. The company also provides individual life insurance plans, including grow smart plan, a unit linked insurance plan that provides protection for life and financial support for long term goals; and dream smart plan, a unit linked insuran...

Sushant Lok, Phase-1, Sector-43

Unitech Trade Centre

2nd Floor

Gurgaon,  122009

India

Founded in 2007

Phone:

91 12 4453 5000

Key Executives for Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited

Chief Executive Officer
Chief Operating Officer
Director of Sales
Compensation as of Fiscal Year 2014.

Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited Key Developments

HSBC Not To Divest Stake In Canara HSBC Oriental Bank

HSBC Holdings plc (LSE:HSBA) has decided not to divest its stake in Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited. Chairman and Managing Director of Canara Bank, R K Dubey, told Business Standard: "They (HSBC) have officially said they would be staying back. So, the joint venture is intact. Their shareholding also remains the same."

Shriram Reportedly Drops Out Of Race For Canara HSBC Oriental's Stake

Shriram Group Pvt. Co. has dropped out of the race to acquire 26% stake in Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited from HSBC Holdings plc (LSE:HSBA) due to valuation issues, sources said. A senior company executive said: “We were in talks, but these have fizzled out now. We continue to be interested in inorganic expansion.”

Shriram Reportedly To Bid For HSBC's 26% in Canara HSBC

Shriram Capital Limited is reportedly bidding to acquire 26% stake in Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited from HSBC Holdings plc (LSE:HSBA), senior officials from Shriram Group Pvt. Co. and two other industry representatives, who are familiar with the deal said. Shriram Capital has reportedly hired Axis Capital Markets India Ltd. (BSE:531278) for the transaction. The purchase of HSBC's stake in Canara HSBC Oriental Bank of Commerce Life Insurance Company and a subsequent merger of Shriram Life Insurance Company Limited with it will propel Shriram to under 10 ranking, based on current financials, from 18, said the person who did not want to be identified. According to Economic Times, Shriram declined to comment and Axis had not responded to a mail seeking comment. The other competitors for the stake are Manulife Financial Corporation (TSX:MFC), HDFC Standard Life Insurance Co., Ltd. and ICICI Prudential Life Insurance Company Ltd. An executive said, "This is an opportunity for Shriram Life. We see value in the deal as there are two large banks." According to industry sources, Shriram had a better opportunity compared with the HDFC Standard Life and ICICI Prudential Life, who want to acquire 100% stake in Canara HSBC Oriental Bank of Commerce Life Insurance Company which Canara Bank Limited (BSE:532483) and Oriental Bank of Commerce (BSE:500315) are objecting. Shriram and Manulife stand a better chance of completing the transaction as they do not face obstacles, unlike ICICI, or HDFC Life as insurance regulator mandates that no licence holder could operate two companies and if there is a owner with stakes in two, they should be merged.

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