CURRENT AFFAIRS

Detailed explanation-1: -Mumbai: Canara HSBC OBC Life has renamed itself as Canara HSBC Life following its third partner Punjab National Bank’s (PNB’s) decision to exit. PNB had acquired a stake in the company following the amalgamation of Oriental Bank of Commerce (OBC). “Canara Bank sees a lot of potential in the life insurance business.

Detailed explanation-2: -It is also tied up with Can Fin Homes and IndianMoneyInsurance.com. In April 2020, Oriental Bank of Commerce had merged with Punjab National Bank. On 15 June 2022, the company rebranded as Canara HSBC Life Insurance.

Detailed explanation-3: -In our endeavor to provide all financial services to our customers under one roof, the Bank entered into a joint venture with HSBC Insurance (Asia Pacific) Holdings Limited and Punjab National Bank to form Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited.

Detailed explanation-4: -Post the OBC amalgamation, PNB had significant shareholding in two life insurance ventures-PNB MetLife insurance (30 per cent stake) and Canara HSBC OBC Life (23 per cent stake).