IDBI, Federal Bank & Fortis to establish life insurance co

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IDBI, Federal Bank & Fortis to establish life insurance co

IDBI, Federal Bank and Fortis sign Joint Venture Agreement to establish a new life insurance company in India

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Mr. V.P. Shetty, Chairman and Managing Director of IDBI said:  "We see life insurance as a high-growth business in India and we are excited about creating value for customers by leveraging our brand value, capital strength and the track record of innovation in retail banking.  IDBI name stands for trust and solidity and we are confident that the insurance products offered by the joint venture will gain customer acceptance and confidence.  The global expertise of Fortis and the substantial regional franchise of Federal Bank add great strength to the partnership and we are very pleased to have been able to build a fruitful relationship with them".

Mr. M. Venugopalan, Chairman of Federal Bank added: "We are delighted to join hands with Industrial Development Bank of India and Fortis Insurance International to start a new life insurance company in India. We consider this as a landmark event in our efforts to diversity into complementary areas.  The new vehicle will be able to leverage the product and distribution capability that the three partners bring to the table.  We at Federal Bank look forward to work with Fortis and Industrial Development Bank of India to enhance our presence in the financial space through this new vehicle and the new products that we will offer to our existing and prospective customers".  

Mr. Peer Van Harten, CEO of Fortis Insurance, said:  "This is an important step for Fortis in terms of having a leading presence in Asia and we are very excited about being involved in the Indian life insurance market which has huge potential. The three partners' expertise and distribution capability combined with their high level of ambition and professionalism represents a winning proposition, which will benefit both the industry and our prospective customers. The Fortis team looks forward to working with its new partners and sharing its global expertise." 

Sourced From: Adfactors Public Relations Pvt Ltd