Press release

Ageas confirms its interest to acquire part of IDBI Bank’s stake in IDBI Federal Life Insurance Company Ltd.

Following the communication by IDBI Bank on 27 June 2020, Ageas confirms its interest to acquire a part of IDBI Bank’s current 48% stake in IDBI Federal Life Insurance Company Ltd. (IFLIC) to the extent of 23% in order to remain within the boundaries of Indian regulation on foreign direct investments. Ageas currently holds 26% in the Indian Life insurance joint venture IFLIC that it operates together with IDBI Bank and Federal Bank.

No agreement has been signed yet. Ageas will inform the market in due time of any new developments