Industry Odisha Bureau, Sep 13: Indian Bank plans to enter life insurance and asset management. Board approval is being sought for both ventures. The lender is also planning a Dubai representative office.
Indian Bank plans to enter life insurance and asset management. MD and CEO Binod Kumar said both plans remain on track. The lender will seek board approval for the ventures. Regulatory and administrative processes would follow approval.
Indian Bank Eyes Life Insurance and Asset Management
Kumar said the entry plans are progressing as scheduled. Indian Bank is seeking board approval for new subsidiaries. Joint ventures are also being considered for the businesses. Further regulatory and administrative steps would follow board approval. No partner has yet been identified for either venture.
Partner Selection Key to Expansion
Kumar said finding the right partner is essential. He indicated the process could take around one year. “If you have a good partner, wealth creation is faster,” he said. Subsidiaries and joint ventures can also support the bank’s branding. No specific partner names have been disclosed.
Universal Sompo Gives Existing Insurance Exposure
Indian Bank already holds a stake in general insurance. It owns 28.52 per cent of Universal Sompo General Insurance. The stake arrived through Allahabad Bank’s 2020 amalgamation. Universal Sompo was established in 2007. Indian Overseas Bank holds 18.06 per cent of the venture. Karnataka Bank and Dabur Investment Corp hold smaller stakes. Japan’s Sompo Japan Insurance holds a majority 34.61 per cent stake.
Indian Bank Plans Dubai Representative Office
Indian Bank is also expanding its international footprint. It plans to open a representative office in Dubai. The bank’s board has already approved this proposal. Other regulatory approvals are still being pursued. Kumar linked the move to Dubai’s large Indian diaspora. He said nearly a third of Dubai’s workforce is Indian, according to Kumar’s estimate. A representative office differs from a full banking branch.
GIFT City and Overseas Banking Footprint
Indian Bank already runs a full-service branch in Singapore. It also operates branches in Colombo and Jaffna. Both cities are located in Sri Lanka. The bank runs an IFSC Banking Unit at GIFT City. Kumar said the unit contributes to syndicated loan business. Indian Bank is also exploring possible presence in Malaysia. Indonesia is another market under consideration. Both remain exploratory at this stage.
Indian Bank’s strategy signals broader financial-services ambitions. Insurance and asset management could widen its business platform. Dubai and other markets extend its international reach. Board and regulatory approvals will determine the pace. The lender’s diversification push remains a work in progress.
