MUMBAI: IDBI Bank will soon launch a co-branded card with LIC — its largest shareholder. The bank will be partnering LIC Cards Services, which is a 100% subsidiary of the stateowned life insurance giant. The move to launch a co-branded credit card is part of the strategy to work on synergies between the two organisations after LIC acquired a majority stake in the bank in 2019.
“After the stake acquisition, we identified more than 100 synergies and started working on that. Two years down the line, we have crossed 90% of the synergy lines. Both organisations have derived considerable benefits,” said Jorty Chacko, executive director, IDBI Bank.
According to Chacko, IDBI Bank has already collected Rs 700 crore premium for LIC, which is a major share in the corporation’s bancassurance business. The bank in turn gets a significant amount of current and savings account business from LIC through its agents and employees.