IDBI Bank hopes to sell home loan arm by Feb

State-run IDBI Bank today said it expects to sell its Pune-based home loan subsidiary IDBI Home Finance (IHFL) by the end of this month, its Chairman said.
    
The bank had earlier deferred its sale, citing requirement of more information about prospective buyers.
    
"We had deferred the plan (to sell the subsidiary) earlier as our Board felt more information about prospective buyers was needed. Our sale plan is very much on," IDBI Bank's Chairman and Managing Director Yogesh Agarwal told PTI here.
    
Though the board has not set any time frame for the sale, it expects to seal the deal by February end, Agarwal said.
    
IDBI Bank's Board had met on January 23 to discuss and announce the buyer from amongst three contenders -- Dewan Housing, Religare Enterprises and Tata Capital.
    
According to IDBI Bank sources, Dewan Housing has put in the highest bid.
    
IDBI Bank decided to sell its home-loan subsidiary with a view to consolidate its housing finance business, which is currently being rolled out by both the bank and IHFL, thereby resulting in competition between the two.