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IDBI Bank in expansion mode

IDBI Bank has applied to SEBI and RBI for approvals to set up an asset management company (AMC). The AMC is likely to be in place by March 2006. AMC is likely to start operations from the first quarter of next fiscal or from April 2006.

Earlier, IDBI had ties with Principal Financial of US in IDBI Principal Mutual Fund but it exited the venture two years ago. In the proposed AMC, IDBI Bank will hold 65 per cent while its subsidiary IDBI Capital will hold 35 per cent stake.

IDBI has applied to the RBI for permission to set up IDBI Commodities, Commodities subsidiary will trade on a proprietary basis as well as providing broking services to investors to participate in the commodities market.

IDBI Bank has also approached Insurance Regulatory and Development Authority for licence to foray into life insurance with a foreign partner and has shortlisted -- Fortis, Generali and Dai-ichi

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