Bangalore, February 23, 2012 - Future Generali Life Insurance Company (FGLIC) and Karnataka State Co-operative Apex Bank today announced their Bancassurance Partnership at a jointly convened Press Conference at Bangalore. Copies of the formal agreement were shared between both parties as a mark of commencement of the partnership.
Speaking on the occasion, Dr. R. M. Manjunatha Gowda, President, Karnataka State Co-Operative Apex Bank Ltd, said, We feel proud to announce this partnership of Karnataka State Co-operative Apex Bank, with Future Generali India Life Insurance Company. Future Generali is a JV between the dynamic Future Group of India and the 181 year old Insurance giant, Generali Group of Italy. We are confident that this partnership will help us provide a wide array of reliable insurance protection and services to our esteemed customers. We are also looking at this partnership as a valuable source of business revenue for the bank to aid our ambitious expansion plans.
Addressing media persons at the event, Deepak Sood, MD & CEO, Future Generali India Life Insurance Co Ltd., said, Announcing this maiden partnership with Karnataka State Co-operative Apex Bank, is a big moment for Future Generali. KSCAB is a federation of 21 DCC banks in the state of Karnataka and one of the most trusted banks in the region. This partnership is a significant step forward to both partners, as we expand the reach of Future Generali’s Total Insurance Solutions to the bank’s customers In Karnataka and for KSCAB to add one more offering to its basket of services. Our commitment is to ensure that we make available, a choice of the best-in-class Insurance products to KSCAB”s customers. Karnataka is a key market for Future Generali in the South and we expect our joint equity will make it a win-win proposition for both partners. Bancassurance has proven to be an attractive model for insurers and Banks alike, extending the benefits of insurance protection to Banking customers. We are looking at more partnerships like this, and expect to grow the contribution from this channel, over the next 4-5 years
The Press Conference was also graced by key Management representatives of Karnataka State Co-Operative Apex Bank, including Shri. H.S. Nagarajaiah, Secretary, Shri. Ninge Gowda, Chief General Manager, besides other Directors and senior executives.
About Future Generali India Life Insurance Company
Future Generali is a joint venture between India's Future Group and the Generali Group of Italy. The Future Group is the undisputed leader in the Indian retail industry and owns retail formats like Big Bazaar, Pantaloons, Central, E Zone and Food Bazaar with a presence across 85 cities and 60 rural locations in India, and over 35,000 employees. The Generali Group is one of the 50 largest companies in the world as per Fortune magazine's 2011 listings, with over 180 years of experience in the Insurance business and a presence across 65 nations and over 80,000 employees. Future Generali is currently active through 191 offices with over 62,000 licensed advisors. Besides this large network of agents and offices, Future Generali also offers its Total Insurance solutions at Big Bazaar outlets across the country.
About Karnataka State Co-operative Apex Bank
The Karnataka state co-operative apex bank is the premier state co-operative bank in the three tier short term co-operative credit structure, founded by Shri. Vardaraja iyengar, way back in 1915. It has a network of 40 branches in Bangalore city with a customer base of over 2.5 Lakhs customers. It has deposits worth Rs.4646.67 crore, with a working capital of Rs.7291.48 Crores and it has disbursed loans worth Rs. 4492.23 crores to 14.38 lakh farmers during the year 10-11. As of 31st March 2011, the Bank's Net Profit stood at Rs.45.59 crores for the period of 2010-11, distributing 9 percent dividend to shareholders and the Bank targets closing the current year, with revenues of over Rs.100 Crores.