Canara bank to sell minority stake in asset mgmt co
Canara bank on Saturday said it will sell a minority stake in its asset management company, canbank investment management services, to a foreign company.
The announcement will be made in the current quarter, Canara bank chairman and managing director M B N Rao said adding the bank would retain management control in the company.
We have shortlisted and narrowed down two potential parties. We will make an announcement in this (October-December) quarter, he said.
Rao also said the bank would set up life insurance business as a separate subsidiary with a foreign partner, adding, the plans would be finalised shortly.
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