John Holden, CEO of Canara HSBC OBC Life Insurance shares his views on the recent Insurance Bill.
John Holden, CEO of Canara HSBC OBC Life Insurance shares his views on the recent Insurance Bill.
Below is the verbatim transcript of John Holden's interview with Anuj Singhal and Ekta Batra on CNBC-TV18.
Ekta: To get a couple of details with regards to Canara, HSBC, OBC, can you first tell us how much each of the parties hold within the life insurance business currently and is there any sort of agreement or a prerequisite agreement or understanding which HSBC has to possibly hike stake if in case FDI in insurance comes through?
A: This is a three-way joint venture between three large companies. Canara Bank holds 51 percent, HSBC as a foreign partner holds 26 percent and Oriental Bank of Commerce holds 23 percent. So it is just very simple with three shareholders.
There is provision in the joint venture agreement that makes allowance for what may happen if the FDI comes about and if the law changes that the ratio of shareholdings may change but that will be something that we will be subject to agreement between the shareholders when this happens.
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