HSBC, the global banking & insurance giant, with $ 9 billion annual insurance premium alone, Canara Bank, the second largest public sector bank with more than Rs 260,000 crores of deposits / loans and Oriental Bank of Commerce a focused public sector bank with more than Rs 120,000 crores business in India announced the launch of its operation on June 16, 2008.
The first eight policies were issued to chosen children from the underprivileged sections of the society. The kids
- Eight yeal old Ganesh wanting to be an engineer
- Harinakshi (13) wanting to be a teacher
- Fouza (14) wanting to be an engineer
- Shabaz (7) wanting to be a doctor
- Amit (7) wanting to be an engineer
- Anubashri (8) wanting to be the Principal of a school
- Prashant (13) wanting to be a teacher
- Prakash (13) wanting to be an engineer
represent truly the future India.
In addition to the MBN Rao, CMD of Canara Bank, Clive Bannister, MD of HSBC Insurance, David Fried of HSBC Asia, Naina Lal Kidwai, Country Head, HSBC (India), and Alok Mishra, CMD, Oriental Bank of Commerce there was the first CEO of this new venture Harpal Harlcut.
Interestingly, Canara bank with $ 66 billion of annual business, and Oriental Bank of Commerce with $ 34 billion of annual business are coming together (making into a nice $ 100 billion) to start this joint venture.
HSBC the world’s local bank with $ 2.4 trillion assets and operation in 50 countries globally has deep Indian connections; there were 2 businessmen in the founding team way back in 1865; currently the able team of 33,000 people led by an outstanding leader Naina Lal Kidwai contributes $ 500 m to HSBC; HSBC installed the first ATM in India in 1987 and handles 5% of India’s export-import business.
It was instructive to see the Finance Minister referring to “inability of logical explanation to convince those ideologically opposed” in his speech. He also referred to the need of “simple” policies to meet the needs of “simple folks” of this highly under-insured country who manage to keep India a country with one of the highest savings rate (35%)
There was an excellent “Laser Show” for the launch; another Laser Show talked about Canara Bank reaching yet another milestone (reaching 1,000 branches in its core banking initiative)