The Hindu Business Line : IDBI insurance venture to take off by Feb

Two insurance products of the life insurance company promoted by IDBI Bank are likely to be launched by end of this month, said Mr Yogesh Agarwal, Chairman and Managing Director, IDBI. The bank is promoting the insurance company jointly with Fortis and Federal Bank.

“We have submitted two products for IRDA’s approval and are likely to receive it by end of January or early February, after which we would be ready to kick off our insurance operations,” he said.

Mr Agarwal was speaking to newspersons on the sidelines of a meeting to launch the bank’s new debit card.

MF foray

After the insurance products are launched, the bank will look at mutual funds and private equity funds, he said. The bank is in talks with some foreign partners for the mutual funds business, he added.

The net interest margin for the bank is likely to be 1 per cent and non-performing assets are likely to be 1.05 per cent for the quarter ended December 31, 2007. The bank has also seen good credit growth in the third quarter, he said.

IDBI Bank has complemented the business process re-engineering as recommended by McKenzie. The entire bank now operates on a common technology and process platform. The bank has also begun the process of organisational restructuring of creating separate three corporate and three retail verticals.

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