IDBI
defers insurance sector foray
Our Banking Bureau
16 February 2002
 Mumbai:
IDBI has deferred its entry into the general insurance sector. Its
focus now will be on restructuring itself as a prelude to its
transition into a universal bank.
 IDBI
had initially proposed to go through with the insurance venture
with the Principal Financial group, the joint venture partner in
its asset management company. Principal is now expected to partner
only its proposed pension funds business.
Sources here said the
deferral followed the emergence of new opportunities. One of the
possible new opportunities is an entry into the general insurance
business through the strategic alliance route, with one of the
existing public sector insurance companies.  Such
an arrangement is expected to be on the lines of the Corporation
Bank-LIC partnership.
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