Srei Equipment Finance to offer SBI Life's loan cover to its borrowers ...

Srei Equipment Finance to offer SBI Life’s loan cover to its borrowers
Kolkata, July 3, 2009: Srei Equipment Finance Private Limited, the leading
infrastructure equipment finance company, has announced Partnership with SBI Life
Insurance, the leading private life insurer in India, today to offer loan cover to its
borrowers.
As per the agreement, the customers of Srei Equipment Finance would be offered loan
protection under Dhanaraksha Plus SP, a Group Loan Insurance Product of SBI Life.
Individual customers of Srei Equipment Finance, from SMEs or retail segment, who avail
credit for buying or leasing of construction equipments would be covered for the
outstanding loan amount as per the EMI schedule. Srei Equipment Finance would
initially be launching this project in SBI Life’s two regions namely East and South 2
covering the states of West Bengal, Orissa, Tamil Nadu and Kerala.
Commenting on the occasion, Mr. Sunil Kanoria, Joint Managing Director, Srei
Equipment Finance Private Limited, said: “We are delighted for having partnered with
SBI Life Insurance which is a step towards offering value-added solution to our
customers. We look forward to leveraging the simplicity of Dhanaraksha Plus SP and
SBI Life’s expertise in providing life insurance solution which would benefit our
customers.”
Lauding the Partnership, Mr. Anand Pejawar, Executive Director, Marketing, SBI Life
said “We are pleased to announce our alliance with Srei and are confident that this
would enhance the accessibility of our group loan protection product. This would extend
our reach amongst new segment of customers, who would be benefited by securing the
loan amount to protect their business and dependants from any unforeseen incident.”
Speaking on the occasion, Mr. D K Vyas, Chief Executive Officer, Srei Equipment
Finance Private Limited, said, “This product will guarantee the social security of our
customers as their legal heirs will not be under the hassle of repayment of the
outstanding loan. In addition, this is a reliable risk management strategy as our portfolio
gets secured.”
Srei Equipment Finance had already disbursed around Rs. 5,500 crore during 2008-09,
out of which 35% is retail (given to individual borrowers), which can be insured. IN the
current year 2009 – 10, Srei Equipment Finance is targeting disbursement of over Rs.
7,000 crores. Therefore the potential for the product is huge.

About Srei Equipment Finance Private Limited
Srei Equipment Finance Private Limited (SEFPL) is a 50:50 joint-venture between Srei
Infrastructure Finance Ltd., India’s leading and only private sector Non Banking Financial
Institutions in the infrastructure space and BNP Paribas Lease Group (BPLG), a wholly
owned subsidiary of BNP Paribas, France.
SEFPL started its operation from January 01, 2008 with the equipment financing and
equipment insurance businesses and has further plans to expand its business to new
verticals such as agriculture equipment, medical equipment, information technology and
other equipment classes. SEFPL enjoys a strong national presence with a network of 63
offices in India.
The parent Company of SEFPL, Srei Infrastructure Finance Limited is a Holistic
Infrastructure Institution, constantly and consistently ideating to deliver innovative
solutions in infrastructure space, thus playing a significant role in nation-building for
over two decades, both in urban and rural India. Srei’s businesses include
Infrastructure Equipment Leasing & Finance, Infrastructure Project Finance,
Advisory & Development, Insurance Broking, Venture Capital, Capital Market and
Sahaj e-Village. Srei has a pan-India presence with a network of 63 offices and has
also replicated its business model overseas with three offices in Russia. Srei is the
first Indian infrastructure financing institution to get listed on the London Stock
Exchange. Srei Equipment Finance Pvt. Ltd., a joint venture between Srei Infrastructure
and BNP Paribas Lease Group, a wholly owned subsidiary of BNP Paribas, is a Srei
Group company engaged in Infrastructure Equipment Leasing and Financing Business.
Leveraging on the global expertise of the BPLG and Srei in infrastructure equipment
leasing and financing market, SEFPL plans to capitalise on the burgeoning opportunities
in infrastructure equipment market expected to touch USD 7.0 - 7.5 bn by FY 2009-10 in
India.
Srei's strong brand image domestically, local expertise and specialized equipment
finance skills is expected to combine well with the global brand strengths of BPLG
further consolidate Srei's leadership in the equipment finance business.
About SBI Life Insurance Co. Ltd
SBI Life Insurance is a joint venture between State Bank of India and BNP Paribas
Assurance. .SBI owns 74% of the total capital and BNP Paribas Assurance the
remaining 26%. SBI Life Insurance has an authorized capital of Rs. 2,000 crore and a
paid up capital of Rs 1,000 crore. State Bank of India enjoys the largest banking
franchise in India. Along with its 7 Associate Banks, State Bank Group has the
unrivalled strength of over 14,500 branches across the country, arguably the largest in
the world. BNP Paribas is the 1 st largest French company and ranks 5 th in the banking
industry worldwide, 1 st bank in Euro Zone as per Global 2000 Forbes’ 2008. It is 6 th
most valuable international banking brand as per Brand Finance 2008.

BNP Paribas Assurance is the insurance arm of BNP Paribas - Euro Zone’s leading
Bank. BNP Paribas, part of the world's top 10 group of banks by market value and part
of Europe top 3 banking companies, is one of the oldest foreign banks with a presence
in India dating back to 1860. BNP Paribas Assurance is the fourth largest life insurance
company in France, and a worldwide leader in Creditor insurance products offering
protection to over 50 crore clients. BNP Paribas Assurance operates in 41 countries
mainly through the bancassurance and partnership model.
SBI Life Insurance’s mission is to emerge as the leading company offering a
comprehensive range of Life Insurance and pension products at competitive prices,
ensuring high standards of customer service and world class operating efficiency.
SBI Life has a unique multi-distribution model encompassing vibrant Bancassurance,
Agency and Group Corporate channels of distribution.
SBI Life extensively leverages the SBI Group relationship as a platform for cross-selling
insurance products along with its numerous banking product packages such as housing
loans and personal loans. SBI’s access to over 100 million accounts across the country
provides a vibrant base for insurance penetration across every region and economic
strata in the country, thus ensuring true financial inclusion. Agency Channel, comprising
of the most productive force of over 60,000 Insurance Advisors, offers door to door
insurance solutions to customers.