Financial services firm Fortis has entered into negotiations with the Industrial Development Bank of India (IDBI) to create a bancassurance joint venture.

Fortis said that the venture was in line with its strategy to develop bancassurance in Europe and Asia which would complement its existing bancassurance activities in China, Malaysia and Thailand.

The companies said that no further details would be released until the memorandum of understanding was signed, although they could not give a firm timescale for this other than to say it would be in the near future.