IDBI Limited said the bank has already zeroed in on the foreign player to be its partner in the proposed life insurance venture. | |
| "We have already identified the foreign partner and a memorandum of understanding (MoU) will be signed soon," chairman and managing director V P Shetty said. |
| |
| However, he did not divulge the identity of the foreign partner. |
| |
| "A final announcement on this front is expected within fifteen days after we sign the MoU on this front with the foreign partner," he said. |
| |
| The foreign partner, as permitted by the Insurance Regulatory and Development Authority (Irda), would have 26 per cent stake in the proposed venture, he added. |
| |
| Shetty said following the signing of the MoU, the bank would move to the Irda seeking its nod. |
| |
| However, the bank had not yet decided its peer in the domestic front. |
| |
| "We have initiated talks with quite a few banks in the domestic front to be our partner. But, not yet zoomed in on any of them," Shetty said, refuting media reports that IDBI Ltd had a spat with Bank of Baroda involving management control over the proposed venture. |
| |
|
| |
