IDBI defers insurance sector foray
By Our Banking Bureau | 16 Feb 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.