Wednesday, October 17, 2007

ING Vysya ties up with Sikkim State Co-operative Bank Ltd.

Gangtok: International Netherlands Group (ING) Vysya Life Insurance and Sikkim State Co-Operative (SISCO) Bank Limited today announced a strategic alliance in a function held at a local hotel here. MLA and Chairperson of SISCO Bank, Mr. N.K. Pradhan formally made the announcement of this alliance, which is expected to strengthen ING Vysya Life’s rural presence in East India. Mr. Pradhan while addressing the gathering said that being associated with a leading life insurance player like ING Vysya life in a high potential market will help create value of the customers and moreover, simplified products from ING Vysya are very well suited for the customers of the state.Commissioner-cum-Secretary, Co-Operation Department, Mr. G. Goparma who also addressed the gathering said that this alliance with ING Vysya will add value to SISCO Bank and hoped that the alliance will be of great benefit to the people from the rural sector.SISCO Bank Limited commenced its operation in December 1998 and has its headquarter in Gangtok. In a short span of time it has established itself as a distinctive bank with an innovative, attractive and customer friendly product portfolio. The bank is committed to serve the rural masses for the socio economic development and promotion of Co-Operative Movement in Sikkim. The Bank’s overall performance during the financial year 2006-07 remains steady with a net profit of 9.66 Million Rupees. The SISCO Bank Limited has a network of six branches and access to over one lakh customers.ING Vysya Life Insurance Company Limited is a joint venture between Vysya Bank premier financial powerhouse and International Netherlands Group headquartered in Amsterdam, Holland. ING is a financial giant of Dutch origin and reported 31% revenue growth and profits of US $ 9 Billion; it has presence in over 50 countries with more than hundred thousand employees and trusted by 60 million customers.Under the guidelines of Reserve Bank of India, a MOU of insurance referral business had been signed between ING Vysya and SISCO Bank on April 2007. ING Vysya has developed the Life Maker, a simple method which can be used to choose a plan most suitable to the customers based on their needs. It has also customized product for bank which will help SISCO Bank to serve widely and it will also generate additional income to SISCO Bank without any liabilities