HSBC ties up with New India Assurance for credit insurance
Chennai: The Hongkong and Shanghai Banking Corporation Limited (HSBC) have tied up with the government owned non-life insurer New India Assurance Company Limited for credit insurance. According to Bhriguraj Singh, senior vice president and head factoring, the tie-up is not only due to a better pricing quote but also owing to its long-standing relationship with HSBC.
HSBC buys credit insurance protection on behalf of its factoring services clients. Till now, the bank was offering factoring services only to big corporates. It has now extended the product to small and the medium enterprises (SME) segment.
Factoring is nothing but working capital financing but against receivables. The service also includes managing collections and credit protection through insurance. HSBC-the factor- offers its factoring services to SMEs by lending against its client invoices manage the collections and take protection against buyer's default/insolvency.
courtesy:http/www.domain-b.com/finance/banks/hsbc/20060831_ties_up.htm
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