June 4 (Punjab Khabarnama) : Punjab National Bank has approved the process of selling 10 percent stake of the bank in Canara HSBC Life Insurance Company. Canara HSBC Life Insurance Company will be listed on the stock exchange through IPO.
Canara Bank has also decided to reduce its stake in its subsidiary Canara HSBC Life Insurance Company through IPO. The bank has approved the process of selling 14.50 percent stake. By the end of FY 2024, Canara Bank’s stake in Canara HSBC Life Insurance Company was 51 percent. As a foreign partner, HSBC Insurance (Asia Pacific) Holdings Limited holds 26 percent stake. The third partner Punjab National Bank holds 23 percent stake in the company.