Corp Bank, LIC take stock of alliance

As per the MoU, LIC has invested 27 per cent in the equity of Corporation Bank and it is the second largest single stake holder of the Bank, next only to the Government of India.

Corporation Bank became the corporate agent of LIC in December 2002 and since then has been actively engaged in mobilising insurance business. As on date, the bank has opened 100 service units at the LIC premises across the country.

At meeting, the LIC executives interacted with the bank officials including the chairman and managing director, executive director and senior executives of Corporation Bank on the issues relating to expansion of the bank's network of branches, enlarging various areas of business activities for the maximum mutual benefit of both the organisations and also the thrust to be given for distributing Bancassurance products.

While such apex level committee meetings are held between the two institutions once in every three months, this was the first time such a meeting was held at the corporate office of the bank.