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Canara Bank Invests in Brickwork Ratings and Announces Strategic Partnership


July 9, 2013 - Bangalore, Karnataka, India

Canara Bank, a Nationalized Bank with total business of over Rs. 600,000 crore, has invested in Brickwork Ratings, a Bengaluru based Credit Rating Agency. Canara Bank has picked up ten percent stake in Brickwork Ratings.

In a recent function held at Canara Bank, Head Office at Bangalore, after signing the share subscription agreement, Mr. R K Dubey, Chairman and Managing Director of Canara Bank said, “Brickwork and Canara Bank are both Bengaluru based entities. Canara Bank and Brickwork would collaborate in various activities related to banking and credit rating. The strategic investment would help take up joint activities on risk management, training, research, financial inclusion, credit rating models, events, conferences etc.”

Canara Bank is committed to make credit available to every section of society – from Large & Mid-corporates, MSMEs, individual consumers, farmers, landless labourers, students, women and SHG groups. Brickwork is committed to research, building rating models, financial literacy and rating bank loans, NCD as well as MSMEs.

Commenting on the strategic partnership, Mr. Vivek Kulkarni, Managing Director of Brickwork Ratings said, “We are very excited to be partnering with a hundred year old Bank from Karnataka. Brickwork is committed to make a difference in the ratings industry and emphasizes research, training and financial literacy”

About Canara Bank

Widely known for customer centricity, Canara Bank was founded by Shri Ammembal Subba Rao Pai, a great visionary and philanthropist, in July 1906, at Mangalore, Karnataka. In June 2006, the Bank completed a century of operation in the Indian banking industry. Today, Canara Bank with over Rs. 600,000 crore business, 3723 branches, and online banking facilities, occupies a premier position in the comity of Indian banks. With an unbroken record of profits since its inception, Canara Bank has several firsts to its credit. These include: Launching of Inter-City ATM Network; Obtaining ISO Certification for a Branch; Articulation of ‘Good Banking’ – Bank’s Citizen Charter; Commissioning of Exclusive Mahila Banking Branch; Launching of Exclusive Subsidiary for IT Consultancy; Issuing credit card for farmers; Providing Agricultural Consultancy Services.

"A good bank is not only the financial heart of the community, but also one with an obligation of helping in every possible manner to improve the economic conditions of the common people". These insightful words of our founder continue to resonate even today in serving the society with a purpose. Not just in commercial banking, the Bank has also carved a distinctive mark, in various corporate social responsibilities, namely, serving national priorities, promoting rural development, enhancing rural self-employment through several training institutes and spearheading financial inclusion objective. For more information please see www.canbank.in

About Brickwork Ratings

Brickwork Ratings is an Indian Credit Ratings Agency registered with the Securities and Exchange Board of India. Brickwork is also accredited as ECAI (External Credit Assessment Institution) under Basel norms by the Reserve Bank of India. The National Small Industries Corporation has recognized Brickwork as eligible rating agency for MSME ratings. Brickwork is also recognized by the Ministry of New and Renewable Energy and other PSU entities.

Brickwork has rated over Rs. 200,000 Crore of Non-Convertible Debentures for hundreds of large Banks and Corporates. Brickwork offers bank loan ratings for large, medium and small Companies. Brickwork having presence in 42 cities, has rated large number of SME. Brickwork has a unique methodology to rate State Governments. Brickwork has newly introduced Commercial Paper Ratings.

Brickwork offers a number of grading services – Hospital Gradings, Real Estate Project Star Gradings, Educational Institutions Ratings, IPO Gradings, Corporate Governance, EWRM and FS for Insurance Companies, and more. For more information, please see www.brickworkratings.com

To view the photograph, please click on the link given below:

Shri Vivek Kulkarni, MD, Brickwork Ratings & Shri R K Dubey, CMD, Canara Bank, exchange the Strategic Partnership Agreement during the Signing Cermony

Source: Business Wire India

BusinessWireIndia

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