Star Union Dai-ichi Life Insurance Co. Ltd is a joint venture (JV) of Bank of India, Union Bank of India and Dai-ichi Life, a leading life Insurance company of Japan.
Bank of India
Bank of India was founded on 7th September, 1906 and was under private ownership and control till July 1969, when it was nationalised along with 13 other banks.
Beginning with one office in Mumbai, and a paid-up capital of Rs.50 lakh and 50 employees, today the Bank has a strong national presence and sizable international operations. In business volume, the Bank occupies premier position among nationalised banks.
The Bank has 4,545 branches across India that are controlled through 50 Zonal Offices.
There are 54 branches/offices and five Subsidiaries and one Joint Venture abroad.
The Bank came out with its maiden public issue in 1997 and a follow-on Qualified Institutions Placement in February 2008. In 1989, it became the first nationalised bank to establish a fully computerised branch and ATM facility at the Mahalaxmi Branch in Mumbai. The Bank is also a Founder Member of SWIFT in India. It pioneered the introduction of the Health Code System in 1982, for evaluating/rating its credit portfolio.
At present, the Bank has overseas presence in 20 foreign countries spread over 5 continents ÃƒÂ¢Ã¢â€šÂ¬Ã¢â‚¬Å“ with 53 offices including four Subsidiaries, 4 Representative Offices and 1 Joint Venture, at key banking and financial centres viz., Tokyo, Singapore, Hong Kong, London, Jersey, Paris and New York.
Union Bank of India
Union Bank of India was founded on 11 November 1919 with its headquarters in Mumbai, being inaugurated by Mahatma Gandhi, in the year 1921. The Bank now operates through over 3500 branches across the country and has shown a steady profit during all 93 years of its operations.
Union Bank has been playing a very proactive role in the economic growth of India and it extends credit for the requirements of different sectors of economy including industries, exports, trading, agriculture, infrastructure and the individual segments. Through this diversified portfolio, resources are mobilized through Current, Savings and Term Deposits and through refinance and borrowings from abroad. The Bank has a large clientele base of over 49 million.
On technology front, 100% of the branches are computerized. It has also introduced Core Banking Solution with connectivity between branches. Many innovative products are developed using the technology platform to offer an array of choices to customers, adding speed and convenience to transactions.
Union Bank is backed by a dedicated team of over 31,000 staff, who distinguish themselves with their customer centricity, willingness to learn and adherence to values enabling the bank to be recognized as a caring organization where people enjoy their work and relationship with customers.
Dai-ichi Life Insurance Company Limited was founded in 1902 and is based in Tokyo, Japan. The company is now listed on the Tokyo Stock Exchange, as one of the worldÃƒÂ¢Ã¢â€šÂ¬Ã¢â€žÂ¢s largest life insurance companies, with in force premiums of $38 billion and assets of $379 billion (as on 31st March 2013, on a consolidated basis).
Dai-ichi Life has a rich experience and skill in the life insurance business, especially in areas such as product development, asset management and underwriting. ÃƒÂ¢Ã¢â€šÂ¬Ã…â€œDai-ichi\" in Japanese means ÃƒÂ¢Ã¢â€šÂ¬Ã‹Å“firstÃƒÂ¢Ã¢â€šÂ¬Ã¢â€žÂ¢, which is derived from its founding philosophy of ÃƒÂ¢Ã¢â€šÂ¬Ã‹Å“always putting the customer firstÃƒÂ¢Ã¢â€šÂ¬Ã¢â€žÂ¢.
The company is internationally active in the life insurance business and asset management business in 6 countries including India as at March 2014. Since its foundation in 1902, Dai-ichi has always placed the customer first. This philosophy continues to guide the company as it moves forward.