(From Insurance Day)
Axa new venture
FRENCH giant Axa's Australian unit Axa Pacific Holdings intends to form a bancassurance joint venture in Indonesia with Bank Madiri. The insurer will hold a 51% stake in the $10m venture. In time there could be opportunities for the operation to combine its back-office activities with those of Axa Life Indonesia, a separate unit.
Not into broking
INDIA'S government-owned Industrial Development Bank (IDBI) has shelved plans to enter broking, and has also decided to exit from IDBI-Principal Mutual Fund which manages assets worth more than Rs19bn ($395m).The decision to quit the mutual fund business has …