AU Small Finance Bank to sell health insurance products of Aditya Birla Group

As part of a corporate agency tie-up agreement, AU Small Finance Bank has entered into an agreement with Aditya Birla Health Insurance Company Ltd (ABHICL).

“The bank (Au Small Finance Bank) has entered into an agreement with Aditya Birla Health Insurance Company Ltd (ABHICL) to act as a corporate agent for health insurance business,” the bank said in a regulatory filing.

AU Small Finance Bank

As per the bank, this tie-up will be mutually beneficial for both the parties in terms of growth, market penetration, as well as expansion of reach.

The AU Small Finance Bank provides services such as savings and current accounts, term deposits, debit cards, insurance, retail loans as well as wholesale banking.

Au Small Finance bank was initially a non-banking finance company (NBFC) with the name Au Financiers. In December 2016, Au transformed into the role of an SFB, after getting a license from the RBI.

It commenced the small finance banking operations in April this year and later in July hit the stock market in an initial public offer (IPO).

The bank’s shares were trading at Rs 562.40, down 0.27 per cent on BSE in the afternoon on Thursday.

As part of a corporate agency tie-up agreement, AU Small Finance Bank has entered into an agreement with Aditya Birla Health Insurance Company Ltd (ABHICL).

“The bank (Au Small Finance Bank) has entered into an agreement with Aditya Birla Health Insurance Company Ltd (ABHICL) to act as a corporate agent for health insurance business,” the bank said in a regulatory filing.

As per the bank, this tie-up will be mutually beneficial for both the parties in terms of growth, market penetration, as well as expansion of reach.

The AU Small Finance Bank provides services such as savings and current accounts, term deposits, debit cards, insurance, retail loans as well as wholesale banking.

Au Small Finance bank was initially a non-banking finance company (NBFC) with the name Au Financiers. In December 2016, Au transformed into the role of an SFB, after getting a license from the RBI.

It commenced the small finance banking operations in April this year and later in July hit the stock market in an initial public offer (IPO).

The bank’s shares were trading at Rs 562.40, down 0.27 per cent on BSE in the afternoon on Thursday.

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