Special Correspondent

KOLKATA: Allahabad Bank on Friday signed a distribution agreement with Universal Sompo General Insurance Co. Ltd (USGICL) for selling its insurance products from November 1.

USGICL was floated as a joint venture by Allahabad Bank by entering into an agreement with Sompo General Insurance of Japan, along with other Indian partners like Indian Overseas Bank, Karnataka Bank and Dabur Investment Corporation.

Allahabad bank holds the single largest share of 30 per cent.

While defining the roadmap of the company for the next five years, O. N. Singh, Executive Chairman, USGICL, said Allahabad Bank would be able to provide good products to its customers while earning fee-based income through sharing of commissions.