Tamilnad Mercantile Bank inks tie-up with Kotak Mahindra General Insurance Company Ltd

Tamilnad Mercantile Bank Limited (TMB), one of the premier scheduled commercial Banks, with a view to offer customer-centric choices in every product, has executed the agreement for marketing the General Insurance Products under the tie-up arrangement with M/s.Kotak Mahindra General Insurance Company Limited.

The dignitaries from the Bank and M/s. Kotak Mahindra General Insurance Company Limited were present at the event.

S.Krishnan, MD & CEO, Tamilnad Mercantile Bank Limited (TMB) said, "On our path of enriching our vision in expanding our network Pan India, since getting listed in the stock exchanges, we are adding features to the choice of our customers on various products and services. We feel that this tie-up arrangement for delivery of general insurance products is a momentous occasion for the Bank."

The Insurance Company has shared their happiness that they have entered a glorious tie-up agreement with a Bank which has its own long standing customer relationship for more than a century.

In a statement, Suresh Agarwal, MD & CEO of Kotak Mahindra General Insurance Co. Limited said, "India is one of the countries with very low general insurance penetration. Arrangements like these help us expand our distribution and are essential to reach out to more people and help them reap the benefits of insurance coverage."

Shares of Tamilnad Mercantile Bank Limited was last trading in BSE at Rs. 517.90 as compared to the previous close of Rs. 520.90. The total number of shares traded during the day was 3864 in over 437 trades.

The stock hit an intraday high of Rs. 528.75 and intraday low of 512.00. The net turnover during the day was Rs. 2023096.00.

Source : Equity Bulls

Keywords

TamilnadMercantileBank INE668A01016 TMB PrivateBank Agreement GeneralInsuranceProducts Kotak