In the gracious presence of The Honorable Shri P Chidambaram, Finance Minister, Government of India, marks the opening of Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited, a partnership between two of India's largest nationalised banks - Canara Bank and Oriental Bank of Commerce - and HSBC Insurance (Asia Pacific) Holdings Limited, the Asian insurance arm of one of the world's largest banking and financial services groups - HSBC.  The Finance Minister was also present during the signing of the Memorandum of Understanding between the three partners in March 2007.

Through its partners, the new company will have access to over 40 million customers and a formidable nationwide distribution network of more than 4,000 branches throughout India. While both Canara Bank and Oriental Bank of Commerce offer an extensive client base, complementary distribution networks and broad local market knowledge, HSBC brings to this partnership its considerable insurance experience, product range and proven bancassurance capabilities. The new Company, headquartered in Gurgaon, Haryana, is capitalised at Rs325 crore (approximately US$81 million). Harpal Karlcut, previously CEO at HSBC Life (UK) Limited, has been appointed as the new company's CEO.

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