IDBI Bank Ltd, in which Life Insurance Corporation of India (LIC) acquired a 51% stake in January, has started the process of selling its mutual fund business, said two persons aware of the development.
“IDBI Bank has appointed ICICI Securities Ltd to advise it on a 100% sale of its mutual fund business, IDBI Asset Management Ltd and IDBI MF Trustee Co. Ltd. The bank has invited expression of interest from buyers by 10 June," said one of the people mentioned above, requesting anonymity as he is not authorized to speak with the media.
