IDBI Fortis Life offers structured products in India
IDBI Fortis Life – a joint venture between state-run Industrial Development Bank of India (IDBI), Indian commercial bank Federal Bank and Belgian-Dutch bank Fortis – has received approval to sell a range of structured products in India.
Products will include capital-protected closed-end and guaranteed-return funds across equities, bonds and money markets, and other unit-linked products. The joint venture will also offer traditional insurance cover against death, terminal illness, accidental injuries, major diseases, hospitalisation and disablement.
Distribution of the products will take place through IDBI’s 490 branches and Federal Bank’s 550 branches in India. The two banks have 5 million customers between them, including 600,000 non-resident Indian account holders.
IDBI Fortis Life is also setting up a tied agency network, with 30 branches expected by June, rising to 100 branches by March 2009, by which time the network should be able to serve more than 15,000 agents.
See also: Foreign investors moving onshore following Indian moves to curb offshore derivatives
The road ahead
House of the Year, India - ICICI Bank
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