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SBI Life Insurance Company Ltd

SBI

State Bank of India (SBI) started its business way back in 1806 as Bank of Bengal. Today SBI is the largest bank in the country with more than 9000 branches. It has seven associate banks and together they have 30% of the Indian market share.

It has the distinction of being the strongest and amongst the most profitable bank in the country. Networth of SBI as on March 2000 stood at Rs. 12146 crore (US$ 2784 mn) and it has a deposit base of Rs 19,680.3 crore (US$45,121mm).

The insurance venture, SBI-Life, is a step aimed at being a universal bank as it already has subsidiaries for housing finance, merchant banking, mutual funds and primary dealership in government papers and factoring businesses.

Cardif

BNP Paribas, which is one among the three largest banks in Europe, is the holding company of Cardif. BNP's presence in India dates as far back as 1860 and has 9 branches here.

Cardif, the insurance arm of BNP Paribas was set up in 1973 that specializes in long-term savings, protection products and creditor insurance. In 1999 its premium income stood at US$ 4 billion, with assets worth over US $ 23 billion under its management

Cardiff based in France, has the expertise for selling insurance products through banks and has operations in over 20 countries.

Joint Venture

India's largest bank SBI and Cardiff S.A a leading insurer in France came together to form SBI Life. It would be a 74:26 venture; with Cardif the foreign partner contributing 26% in the paid capital of Rs. 250 crore.

SBI would market the insurance products through select branches of SBI and its seven associate banks. Mr. R. Krishnamurthy is the CEO of SBI Life.

Contact Address

SBI Life Insurance Co. Ltd.
2nd Floor, Apeejay House,
3 Dinsha Vachha Road , Churchgate
MUMBAI-400 020.

Tel: 022-2351001, 2351003, 2351006
Fax: 022-2351009
E-mail: info@sbilife.co.in
Website URL : http://www.sbilife.co.in/

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