Corporation Bank, LIC, GE Money to form Credit Card Company

Corporation Bank has announced that the Bank has joined GE Money India, LIC Housing Finance Ltd and LIC Mutual Fund to sign a Memorandum of Understanding with Life Insurance Corporation of India on September 06, 2007 to create a new Credit Card Company that would leverage the strengths of each Company.

The parties aim to finalise the definitive agreements by end of October 2007.

The Corporation Bank stock closed the day at Rs.336, up by Rs.5 or 1.51%. The stock hit an intraday high of Rs.337.40 and low of Rs.320.50. The total traded quantity was 6715 compared to 2 week average of 14332.

Source : Equity Bulls

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