IDBI Bank defers sale of home finance arm

MUMBAI: The IDBI Bank board which met on Friday has decided to defer on the proposal to sell its wholly-owned subsidiary, IDBI Home Finance.

A senior official of IDBI Bank said,��� The board has decided to defer on the proposal to sell IDBI Home Finance."

He declined to give more details as the board meeting still going on.

However, it is still not clear whether the deal has been postponed or cancelled.

The proposed sale was prompted by a view that a separate subsidiary is not required for mortgage lending when the same business is also undertaken at IDBI Bank. IHFL was previously Tata Home Finance. The name of the mortgage lender was changed after it was acquired by IDBI Bank in September 2003.