LIC set to keep some stake in IDBI Bank
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New Delhi: State-owned LIC, promoter of IDBI Bank, has said it plans to retain a part of its stake in the lender to harness the benefits of the bancassurance. Along with the government, Life Insurance Corporation (LIC) will also divest its stake in IDBI Bank, but may not exit completely, LIC Chairman Siddhartha Mohanty told PTI in an interview.
“We have made it clear that IDBI Bank is our number one partner in bancassurance. We will retain the some stake in IDBI Bank so that the bancassurance partnership continues,” he said.
The government, which owns over 45 per cent stake in IDBI Bank, and life insurance behemoth LIC, with a 49.24 per cent shareholding in the lender, have jointly decided to sell a 60.7 per cent stake. IDBI Bank became a subsidiary of LIC with effect from January 21, 2019, after the acquisition of an additional 82,75,90,885 equity shares.
