Ageas Insurance International all set to raise stake in IDBI Federal Insurance Co to 49% – ET BFSI


Kolkata: IDBI Bank will sell 23% stake in IDBI Federal Life Insurance Company to Belgium’s Ageas Insurance International NV on Thursday. The pitch is all set for the deal, people familiar with the matter said. .Ageas is the overseas partner in the life insurance joint venture.

IDBI Bank has also decided to sell 4% in the insurance joint venture to local partner Federal Bank while the plan is yet to get regulator’s clearance. .

At present, IDBI Bank holds a 48% stake in the linsuer while the Kerala-based private sector bank and Ageas have 26% interest each.The 27% stake sale would provide IDBI Bank Rs 595 crore, valuing the insurance company around Rs 2,200 crore. This would help the bank augment its capital.

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