LIC HFL Financial Services to first set up shop in Mumbai

July 18th, 2008 - 5:01 pm ICT by IANS  

Chennai, July 18 (IANS) The financial products distribution arm of LIC Housing Finance Limited will initially begin operations in Mumbai, a top company official said here Friday. R.R. Nair, CEO LIC Housing Finance, told reporters: “LIC HFL Financial Services Limited, a wholly-owned subsidiary of LIC Housing, will distribute all kinds of financial products. The company will kick-start its operations first in Mumbai and later expand to other cities.”

Though the financial products distribution company has identified 65 locations for setting up shop, it will initially start operations from only 20 locations.

“The company will open outlets in cities where there is a large population working in the information technology (IT) sector,” Nair added.

While the new company will initially distribute life insurance policies of the Life Insurance Corporation of India (LIC) and housing loans of LIC Housing Finance, it will later also distribute other third-party financial products, Nair said.

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