Tata AIG Life in 'Bancassurance' tie-up with DBS Bank of Singapore

Our Corporate Bureau
27 March 2006

Besides enhancing its fee-based income, DBS Bank – which is the largest bank in Singapore, and the fifth largest banking group in Hong Kong — will be able to offer a larger range of wealth management products and services to its customers.

"DBS Bank is expanding its footprint in the region and it is very clear that India is one of the main engines of a resurgent Asia," says Frank Wong, vice chairman, DBS Bank. "We are strongly committed to this country and are investing heavily in strong partnerships to build our franchise here."

According to Farrokh Kavarana, chairman, Tata AIG Life Insurance, the two institutions "share similar values towards business and customers and I am confident that this would help in creating a long-lasting relationship. These are exciting days for Tata AIG Life and the partnership with DBS Bank would open up new opportunities."

Trevor Bull, managing director, Tata AIG Life notes that the need of the hour is to provide complete and trustworthy financial solutions under one roof.

AIG companies worldwide have been known for pursuing many successful bancassurance ventures and "our experience in this area will prove critical to the partnership. There are tremendous synergies to leverage," Bull adds. "We are certain that a tie-up with an international institution like DBS Bank will contribute significantly to our growth in India."