The bank will divest its stake in Canara Robeco Asset Management Company (AMC) and Canara HSBC Life Insurance Company by 13% and 14.5% respectively.
Further, RBI has intimated that in accordance with the exemption granted by the Government of India, the bank should adhere to the 31 October 2029 timeline for bringing its stake in these entities up to 30%
The bank said that it will initiate the process of IPO and shall keep Exchanges informed about the material developments in this regard duly complying with SEBI LODR regulations.
Canara Bank is an Indian public sector bank. As on 30 September 2024, the bank has 9,658 numbers of branches, out of which 3,115 are rural, 2,778 semiurban, 1,918 urban & 1,847 metro along with 9,881 ATMs. The bank is also having 4 overseas branches in London, New York, Dubai and Gift City.
The bank's standalone net profit jumped 11.32% to Rs 4,014.53 crore on 10.32% increase in total income to Rs 34,721.07 crore in Q2 FY25 over Q2 FY24.