Royal Sundaram, Stanchart sign bancassurance pact

By Our Special Correspondent

NEW DELHI, MARCH 18. Royal Sundaram and Standard Chartered group have announced a partnership for the distribution and marketing of general insurance products which would include a comprehensive range like motor insurance, travel, home, personal accident and health insurance for individual customers.

In fact, the Standard Chartered group intends to be a corporate agent of Royal Sundaram, subject to approval from the Reserve Bank and the Insurance Regulatory and Development Authority.

According to the partnership, which has been named `bancassurance,' Standard Chartered branches would distribute the insurance products and the two companies would also tap the credit card consumer base of the Standard Chartered group.

The Standard Chartered group has a combined customer base of 2.2 million in retail banking and over 1,200 corporate customers.

Its services include consumer banking, credit cards, wealth management services, personal and auto loans and mortgages and wholesale banking like corporate lending, cash management, trade finance, treasury and custody services.

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Section  : Business
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