IDBI Fortis Life Insurance is now IDBI Federal Life Insurance
24 Aug 2010
IDBI Fortis Life Insurance Co Ltd has changed its name to IDBI Federal Life Insurance Co Ltd, in association with its overseas parent Ageas, formerly Fortis.
The name change follows Fortis' decision to globally change its name to Ageas in April 2010, which necessitated a change in the name of the joint venture company.
Federal Bank being a joint venture shareholder and bancassurance partner of the company, it was felt that including the Federal brand in the company name would provide better recognition and affinity with Federal Bank customers.
The shareholders thus unanimously decided to change the name of the joint venture company to IDBI Federal Life Insurance Company Ltd.
Announcing the rechristening, R M Malla, chairman and managing director of IDBI Bank, said ''IDBI Fortis has rapidly grown in reach and size over the last two years, introducing innovative products catering to diverse customer needs.
This change will help IDBI Federal tap into markets that are known to be Federal Bank strongholds.''
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