IDBI Fortis Life Insurance opens branch in Delhi

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New Delhi, Aug 14 (UNI) As a part of its aggressive 100-branch plan, IDBI Fortis opened their branch in the city today.

IDBI Fortis Life Insurance, which launched operations in March this year, is a joint venture of IDBI, Federal Bank, and Fortis, Europe's banking and insurance giant.

''This is the second branch in the National Capital Region opening this month, with 28 more expected by this fiscal,'' IDBI Fortis MD and CEO G V Nageswara Rao said.

Delhi's commercial importance as a hub for Northern India is uncontestable. If we have to be a serious player in North India, we must have an aggressive presence in the NCR, he added.

In this venture, IDBI owns 48 per cent equity, while Federal Bank and Fortis own 26 per cent each.

UNI SR RKM DS1427

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