Union Bank aims to raise $500 mln in bonds by Mar - CMD
Union Bank of India aims to raise $500 million through bonds under its medium-term note
programme by March, chairman and managing director M.V. Nair said on Wednesday. The
bank will be issuing the bonds to fund its overseas operations, Nair added. Contrary to
expectations of the bank coming out with a follow-on public issue this fiscal, Nair said: "There
is no proposal of FPO this fiscal." (Reuters)
Kotak Mahindra Bank opens repo office in Dubai
Private sector lender Kotak Mahindra Bank today launched its first international representative
office in West Asia in Dubai. "Investors based in the Middle East can now access information
on various investment opportunities available in India through our representative office,"
Kotak Mahindra Bank Executive Vice-Chairman and Managing Director Uday Kotak said. At
present, the Kotak Group has overseas presence in New York, London, San Francisco,
Mauritius, Bahrain and Singapore. It serves around 65-lakh customers. (Business Standard)
IDBI Fortis Life eyes over 74 pct rise in premium in FY10
IDBI Fortis Life Insurance Ltd expects premium incomes to rise over 74 percent in 2009/10, a
top official said on Wednesday. "In the first half of the year (fiscal) we have seen 74 percent
rise in premium incomes. We expect a similar trend to continue in the next half," said G.V.
Nageswara Rao, managing director and chief executive. In 2008/09, the insurer that begun
operations on March 2008, earned 3.28 billion rupees from premium income. It also hopes to
break even in the next 6-7 years, Rao said. Its current paid-up capital was at 4.5 billion
rupees. (Reuters)
HDFC Life eyes 15% premium income growth this fiscal
Private insurer HDFC Life is targeting a premium income growth of 15 per cent in the current
financial year. “Private life insurance companies have grown by 15 per cent during the first
six months. We hope to finish the year at that level,’’ the Principal Officer and Executive
Director of HDFC Life, Mr Paresh S. Parasnis, said on Wednesday. Last year, the company
had clocked a first premium income of Rs 22.52bn. The company which had already
underwritten 2.7m policies has Rs 160bn in assets under management. With 9.37 per cent
market share among private players, the company ranked fifth. He said depending on the
business growth, HDFC Life plans to infuse Rs 3.5bn during the current fiscal, while Rs 500m
has been injected this fiscal. Besides, the insurer also launched two products — one for
children and the other a pension plan. (The Hindu Businessline)
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