Syndicate Bank to launch subsidiary to sell general insurance products

Syndicate Bank is considering starting a subsidiary to sell general insurance products, the bank chairman and managing director Michael Bastian said on Tuesday. The bank was also looking at the option of having a tie-up and was in talks with 10 companies, including four in the public sector, for distribution of general insurance products, he said. ‘‘It (subsidiary) is only on the drawing board’’, Bastian said, adding, ‘‘We will have to go to the board for approval’’. He said the bank board had already approved its entry into the general insurance and the stock exchange too had been informed of it. Syndicate Bank already had a tie-up with Allianz Bajaj for distribution of life insurance products and issued 2,500 policies in just two months, he said. (PTI)