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Corporation Bank keen to tap strategic relationship with LIC
Corporation Bank wants to leverage its strategic relationship with Life Insurance Corporation of India to expand its branch and ATM network in the premises of the latter.

The bank is also planning to start equity broking operations through its subsidiary so that a portion of LIC's mammoth equity market transactions can be routed through it.

India's biggest life insurer has a 26 per cent stake in the public sector bank.

We want to fully realise the potential of our partnership with LIC.

We will open more branches and ATMs in LIC's premisesť said Mr Ramnath Pradeep, Chairman and Managing Director, Corporation Bank.

LIC has a pan-India network of over 2,000 branches and 100 divisional offices. Corporation Bank is keen on setting up branches in LIC's branches and divisional offices as part of the plan to open 200 branches every year over the next five years.

Currently, around 200 branches of the bank are located in LIC's premises in various parts of the country.

On starting equity broking operations, Mr Pradeep said the bank's subsidiary, CorpBank Securities, has received the market regulator's permission in this regard. This will help the subsidiary earn brokerage income.

Credit cards

Under the existing tie-up with LIC for credit cards, the bank has issued 20,000 cards to LIC's customers. On a standalone basis, the bank has issued 40,000 credit cards.  
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Source : http://www.blonnet.com/
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