The transaction shall be subject to regulatory approvals, the state-run lender said in an exchange filing.(DC File Photo)
Mumbai: State owned Punjab National Bank (PNB) on Tuesday said that it would be selling 10 per cent stake in Canara HSBC Life Insurance Company, an associate company of the lender through an initial public offering (IPO).
PNB had acquired a stake in the life insurer after amalgamation of the erstwhile Oriental Bank of Commerce (OBC). The erstwhile OBC held a 23 per cent stake in the life insurer, which by virtue of amalgamation had come to PNB. Canara Bank owns 51 per cent stake, while HSBC Insurance (Asia Pacific) Holdings Ltd as a foreign partner owns 26 per cent.
The transaction shall be subject to regulatory approvals, the state-run lender said in an exchange filing.
( Source : Deccan Chronicle )
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