As a strategic move to build a strong presence in the
wealth management business, Centurion Bank, announced
its tie-up with Bajaj Allianz Life Insurance Company Ltd
for bancassurance. As per the arrangement, Centurion Bank
will distribute Bajaj Allianz's life insurance products
through its branches across India.
Allianz Life Insurance has bancassurance partnerships
with Standard Chartered Bank and Syndicate Bank contributing
more then 20 per cent of the company's business
Bank will roll out its bancassurance offering by October
1, 2004. In the first phase 46 Branches and 16 extension
counters in 27 locations will offer this product. In the
second phase 15 branches and 6 EC's in 18 locations will
be added, taking the total branch / EC network offering
bancassurance products to 83. The bank also proposes to
offer specially designed insurance solutions for its customers
through the alliance. This partnership is expected to
generate significant returns for both partners.
on the tie-up, Sam Ghosh, country manager, Allianz &
CEO, Bajaj Allianz Life Insurance said, "We have
one of the most successful bancassurance models and a
team of professionals with extensive local and international
bancassurance experience. Bajaj Allianz is committed to
the route of selective tie-ups and Centurion Bank is a
valuable partner for us."
on the occasion, Shailendra Bhandari, managing director,
Centurion Bank said, "We are certain that both partners
would be able to capitalise on the inherent synergies
of this tie-up. We constantly innovate to offer a wider
bouquet of products to our customers. We have started
investment advisory services by offering our customers
a range of mutual funds and bonds and plan to offer direct
equity broking services to our customers through a strategic
tie up with a broking house and portfolio management services
through tie-ups with select asset management companies.
With this insurance tie-up, we are now well on our way
to offer wealth management services to our clients."
Allianz, which recently changed its name from Allianz
Bajaj, has launched over 100 satellite branches, new life
and non-life group products which has it earn Rs100 crore
gross written premium (GWP) in the first 100 days of this
financial year. The company has jumped to third position
as per IRDA figures ending June 2004, from seventh at
the end of last financial year.
Bank has been recently recapitalised by a group of international
investors. A globally-experienced management team has
been inducted, including Rana Talwar as the chairman of
the board and. Shailendra Bhandari as managing director.
The major shareholders of the bank include Bank Muscat,
Keppel Corporation, Asian Development Bank and Sabre Capital
the new branch licenses awarded by the Reserve Bank of
India, the bank will have 75 fully-networked branches,
22 extension counters and 149 ATMs across the country.
is a private sector bank undertaking a wide spectrum of
banking activities, both in the retail and corporate segments.