Indian Bank is progressing with plans to enter the life insurance and asset management sectors and is expected to seek board approval soon, Managing Director and CEO Binod Kumar said. The bank plans to establish subsidiaries or joint ventures in these segments, with regulatory and administrative processes to follow after board approval. Kumar said selecting the right partner will be critical, as a strong partner could help accelerate growth and wealth creation, although the process may take around a year. Indian Bank is already present in the general insurance sector through a 28.52 per cent stake in Universal Sompo General Insurance Company, acquired following the 2020 amalgamation of Allahabad Bank. Alongside its domestic diversification plans, the bank is also looking to expand its international footprint. Its board has approved plans to open a representative office in Dubai, where the bank aims to tap business opportunities arising from the large Indian diaspora. The proposal is currently awaiting regulatory approvals. Indian Bank already operates a full-service international branch in Singapore, branches in Colombo and Jaffna in Sri Lanka, and an IFSC Banking Unit at GIFT City in Gandhinagar. Kumar said the GIFT City operation is generating strong business, including participation in syndicated loans. The bank is also exploring potential expansion into Malaysia and Indonesia, as it seeks to strengthen its presence in key international markets and diversify its sources of growth.
Indian Bank Targets New Businesses and Global Markets for Growth
