IDBI Bank has postponed the proposed sale in IDBI Federal Life Insurance until completion of the transfer of the bank’s ownership control to LIC. The bank is awaiting final regulatory approvals for LIC to acquire up to 51% shareholding. Rakesh Sharma, CEO and MD of the bank, said the bank had started the sale process in the insurance joint venture, but then the LIC deal occurred. The sale process is on hold now and a decision will now be taken in consultation with LIC once the stake acquisition is over, he added. IDBI Bank holds 48% stake in the venture and Federal Bank and Belgian life insurer Ageas hold 26% each. The bank had said earlier, it was looking to sell the stake and Max Life Insurance and Aditya Birla Sun Life were said to be frontrunners for the acquisition.
