AU small finance bank will be selling health insurance product of Aditya Birla Health Insurance as per their Agreement.
The Bank (AU Small Finance Bank) said while regulatory filling that we have entered into the agreement with Aditya Birla Health Insurance Company Ltd (ABHICL) to act as a corporate agent for health insurance business.
AU Bank said that, considering benefit for both the companies mutually in terms of business, market penetration as well as reach.
AU bank is a small finance company and provides services as:
- savings and current account
- Term deposit
- Debt card
- Retail loans as well as wholesale banking.
Initially, it was known as Non-Banking Finance Company (NBFC) – AU Financers and it is based in Jaipur.
In December 2016, AU Transformed into the role of a SFB as AU small finance bank (SFB) after approval from RBI.
AU started the small finance banking in April this year and it hits the stock market in an initial public offer (IPO) in July this year.
In the first quarter ended June of the current fiscal, company’s net profit grew by 4.6 percent to Rs 61.83 crore, as against Rs 59.08 crore in the same period year ago.
The total assets, as on June 30, 2017, stood at Rs 10,972.83 crore.
Shares of the company were trading at Rs 562.40, down 0.27 percent on BSE in the afternoon today.