Indian Bank picks up stake in PNB Principal ventures

Indian Bank has taken an equity stake in the PNB Principal Company Insurance Advisory and PNB Principal Financial Planners Ltd.

As per the strategic alliance with PNB Principal Financial Planners, the bank will distribute investment solutions offered by PNB Principal Financial Planners through its extensive branch network.

PNB Principal Financial Planners will provide support in the area of financial planning, investment advisory, research, systems and business development to Indian Bank. The strategic alliance will enable customers of Indian Bank to access a wide range of superior investment solutions.

This alliance will enable access to financial products of 30 insurance companies, both life and non-life, and an equal number of Investment solutions to the bank's customers under one roof.

This partnership will also deliver risk management solutions to Indian Bank customers through the insurance advisory route. The solutions offered will include risk assessment, insurance portfolio analysis & placement, insurance portfolio administration, and claims management.

Announcing the partnership with Indian Bank, Sanjay Sachdev, country manager-India, Principal Financial Group said, "Banks have currently emerged as the largest distribution channel for financial investment options. We are pleased to associate ourselves with Indian Bank.

This partnership with Indian Bank will make a range of investment solutions more accessible to retail investors of Indian Bank."