ING Vysya, Royal Sundaram in strategic distribution partnership
Our Banking Bureau
05 November 2003
Mumbai: ING Vysya Financial Services today announced that Royal Sundaram Alliance Insurance Company will be its non-life insurance partner for the distribution of insurance to customers of ING Vysya Bank.
ING Vysya Financial Services, a 100-per cent subsidiary of ING Vysya Bank, will become the corporate agent of Royal Sundaram and distribute Royal Sundaram's products across the extensive ING Vysya branch network.
Royal Sundaram will look to develop a range of insurance products for customers of ING Vysya, with a particular focus on the small business segment, household and personal accident insurance. The two companies have been working together on a number of pilot projects over the last 18 months, providing insurance to loan customers and accountholders of the bank, including ING Vysya Bank's recently launched Orange account.
ING Vysya Bank, headquartered in Bangalore, is a premier bank among the Indian private sector banks. Over the past 72 years, the bank has carved a niche for itself, by serving various key segments of the country's economy.
Effective from October 2002, ING has taken over the management as the largest stakeholder. As of today, the bank has over 500 outlets across the country with over 200 outlets among them duly networked. The bank handles a business of over Rs 15,000 crore, with a customer base of over 3 million.