HDFC ERGO General Insurance Company and SVC Bank sign partnership

Q.  Shamrao Vithal Cooperative Bank signed a partnership to provide non life insurance products to bank customers with which bank/company?
- Published on 25 Jul 16

a. Axis Bank
b. HDFC ERGO GIC
c. IBDI
d. SBI

ANSWER: HDFC ERGO GIC
 
HDFC ERGO General Insurance Company and Shamrao Vithal Cooperative Bank announced a bancassurance agency partnership.
  • The partnership aims at providing non life insurance offerings to bank customers.
  • Alliance is an important part of the growth strategy according to HDFC ERFO CEO and MD Ritesh Kumar.
  • SVC Bank has 194 branches in 10 states.
  • HDFC ERGOGIC is a JV between HDFC Ltd and ERGO International AG from Germany which is part of the Munich Re Group among the largest insurance companies across the globe.
  • HDFC has 51 percent stake in the insurance JV.

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