New Delhi, Tuesday,14th December, 2010:
United Bank of India has signed a MOU with MetLife India Insurance Co. Ltd on 14th Dec, 2010 for Credit Insurance Coverage of its MSME Sector customers. The MOU was signed and exchanged in the presence of Shri Bhaskar Sen, CMD-UBI, Shri Rajesh Relan, M.D.-MetLife, Shri S.L.Bansal, ED-UBI, Shri S.L. Ghosal, GM-UBI and other senior officials of United Bank and MetLife.
Commenting on the occasion, Mr. Bhaskar Sen, Chairman & Managing Director of United Bank of India said “United Bank is very aggressive in lending MSME Sector, and at present its base in this particular sector is about Rs. 7,000 crores. He mentioned that “United Bank is committed to offer a wider range of products to its customers and our Branches are already working as financial supermarket by catering to all the financial needs of our million customers”.
Adding to this, Mr. S L Bansal, Executive Director, United Bank of India said, “The tie up between United Bank and MetLife Insurance will benefit both the Institutions as well the MSME customers of the Bank, by providing them the service of Loan and Insurance under single roof. This arrangement would also give a boost to the Non-Interest Income of the Bank
Shri Rajesh Relan, Managing Director, MetLife India Insurance Company Limited mentioned that “We are delighted to be associated with a trusted brand like United Bank of India. MetLife India has a history of successful partnerships. We are confident of making this partnership with United Bank a great success. We are proud to have found a partner in United Bank - who shares our vision of growth through customized products and high quality service to customers. Keeping in line with this, we are pleased to launch Met Flexi Shield, a product exclusively designed for United Bank to cover Term Loans and Bank overdrafts for its MSME customers. This Life Insurance plan will add value to the bank customers because it will help them take loans with the safety net of Life Insurance.
He further added, “Our partnership with United Bank is another step towards creating a top of the rung balanced multi-channel distribution.”
About MetLife (www.metlife.co.in)
MetLife India Insurance Company Limited (MetLife) is an affiliate of MetLife, Inc. and was incorporated as a joint venture between MetLife International Holdings, Inc., The Jammu and Kashmir Bank, M. Pallonji and Co. Private Limited and other private investors. MetLife is one of the fastest growing life insurance companies in the country. It serves its customers by offering a range of innovative products to individuals and group customers at more than 700 locations through its bank partners and company-owned offices. MetLife has more than 50,000 Financial Advisors, who help customers achieve peace of mind across the length and breadth of the country. For more information about MetLife, please visit the company’s website at www.metlife.co.in.
MetLife, Inc., through its affiliates, reaches more than 90 million customers in the Americas, Asia Pacific and Europe. Affiliated companies, outside of India, include the number one life insurer in the United States (based on life insurance inforce), with over 140 years of experience and relationships with more than 90 of the top one hundred FORTUNE 500® companies. The MetLife companies offer life insurance, annuities, automobile and home insurance, retail banking and other financial services to individuals, as well as group insurance, reinsurance and retirement and savings products and services to corporations and other institutions.
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For Further Information Contact:
Ms. Prasanjeet D Baruah : MetLife India Insurance Company Limited,
Phone: +91 9810499852.