Canara Bank Will Dilute 14.50 Percent Stake In Canara HSBC Life Insurance Via IPO

Canara Bank, headquartered in Bengaluru, has approved the process of diluting a 14.50% share in its subsidiary, Canara HSBC Life Insurance Company, via an initial public offering (IPO). This proposal is subject to permission from the Reserve Bank of India (RBI) and the Department of Financial Services (DFS). Canara Bank currently controls 51% of the life insurance company, followed by HSBC Insurance (Asia Pacific) (26%), and Punjab National Bank (23%).