Christened as Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited, the new company has already been capitalised at Rs 325 crore.
Canara Bank owns 51 per cent stake, OBC owns 23 per cent while HSBC owns the remaining 26 per cent stake (the maximum possible stake permitted under the foreign direct investment laws) in the life insurance company.
MBN Rao, CMD of Canara Bank and chairman of the Board of the Company, said, "Alongside the regulatory approval, a project team has been established in Gurgaon to build the significant operational and sales support capability that will be needed to serve the immense distribution reach of the shareholders".