Date:24/02/2005 URL: http://www.thehindubusinessline.com/2005/02/24/stories/2005022402680600.htm

Back Max NY Life in pact with YES Bank

Our Bureau

Mr Dennis Pedinni (left), CEO, Max New York Life Ltd, and Mr Rana Kapoor, MD & CEO, YES Bank Ltd, after signing an agreement in the Capital on Wednesday. - - Kamal Narang

New Delhi , Feb. 23

MAX New York Life Insurance Co (MNYL) hasannounced a bancassurance partnership with YES Bank.

Mr Dennis Pedini, Chief Executive Officer, MNYL, and Mr Rana Kapoor, Managing Director, YES Bank, signed on Wednesday the agreement under which Yes Bank will offer MNYL's products to its customers.

This is the second such distribution tie-up that MNYL has entered into with a bank, the first one being with Thane Janata Cooperative Bank.

"The tie-up is a win-win for both MNYL and YES Bank," Mr Pedini said at a press conference.

While it would help expand the distribution network of MNYL, it would give a sizable fee-based income to YES Bank.