INSUBCONTINENT EXCLUSIVE:
Mumbai: IDBI Bank has put on the block its insurance and mutual fund businesses as it seeks to increase the capital base after Life
Insurance Corporation acquired over 51 per cent stake in the bank.
The bank has taken several steps as part of the strategic alliance to
The chairman of LIC, for instance, has been appointed as the non-executive chairman of the bank, and it is also planning to appoint Rakesh
said Rakesh Sharma, CEO, IDBI Bank
and Belgian Insurer Ageas are the other shareholders of the insurer with 26 per cent each
Life insurance business has 0.38 per cent market share in the overall new business income during April-January 2018-19
IDBI AMC is a subsidiary of IDBI Bank
IDBI Bank and IDBI Capital Markets Securities hold 66.67 per cent and 33.33 per cent equity shares of IDBI Asset Management, respectively
As on March 31 last year, IDBI Asset Management was managing 18 schemes of the fund, and its asset under management was worth Rs 7,241.43
crore.
A year back, when the valuation process was run by investment bankers, IDBI Federal Life Insurance was valued at Rs 6,000 crore
Max Financial Services and Birla Sun Life were the two shortlisted to buy IDBI Federal Life Insurance, while nine insurance companies and
private equity funds had shown interest in the beginning
The bank started selling products of LIC through its branches on February 28, 2019
LIC invested Rs 21,624 crore additional capital to raise the stake up to 51 per cent from 14.5 per cent
Now, depending on the capital plan, LIC will put in additional capital.
