The bank holds 38.26% in ASREC and its board on Friday has approved a plan to fully or partly sell the stake. Bank of India, Union Bank of India, Life Insurance Corporation of India and Deutsche Bank are other stakeholders.
ASREC acquires non-performing assets from the banks and other lenders at a mutually agreed price with the objectives to maximise the returns through a resolution process.
Unlocking value in non-core assets has been the bank’s focus for quite some time. The bank has subsidiaries such as Ind Bank Housing and Ind Bank Merchant Banking Services.
Joint venture Universal Sompo General Insurance has also come under Indian Bank’s fold by the virtue of its merger with Allahabad Bank.
Indian Bank chief executive Padmaja Chunduru had however gone on record saying that the management is not looking to monetise the non-life joint venture immediately as the company is shaping up well and yet to achieve full potential.
