Indbank to make insurance foray soon

Chennai-based Indbank Merchant Banking Services Limited (Indbank), a subsidiary of Indian Bank, is set to enter the insurance segment.

"We are currently negotiating with a few private sector insurance players for entering into arrangements for distribution of life and non-life insurance products, and expect to distribute the same from December this year," S Annadurai, president and whole-time director of Indbank, said.

The 18-year-old company, which is into merchant banking, stock broking, depository and allied activities, is already registered with the Association of Mutual Funds of India (AMFI) for distribution of mutual fund products as part of its broking business.