Federal Bank not ready for an exit from insurance JV: MD Shyam Srinivasan

Partners are currently in the process of calculating the value of IDBI Federal Life Insurance

Kerala-based Federal Bank on Wednesday said it was not planning to make an exit from IDBI Federal Life Insurance, its joint venture project with IDBI Bank and the European insurance firm Ageas.

Speaking on the issue, Federal Bank Managing Director & CEO Shyam Srinivasan said: "We are not looking at an exit."

At present, the partners are in the process of calculating the value of the JV firm that commenced operations back in 2008 and was able to breakeven within a period of five years of its launch. 

According to the existing JV agreement, the Indian partners may choose to