IDBI Bank to pare stake in insurance JV with Ageas, Federal Bank

VCCircle | Jun 29, 2020 at 6:15 PM
  • IDBI Bank has approved selling a 27% stake in its life insurance joint venture with Federal Bank and Belgium’s Ageas Insurance International NV to the two partners for Rs 595 crore ($78.7 million).
  • After the sale, IDBI Bank will reduce its holding in the insurer to 21% while Federal Bank’s stake will increase to 30%.
  • IDBI Federal Life, which started operations in 2008, reported a net profit of Rs 148 crore for the year ended 2019-20, up from Rs 133 crore the year before.