Latest News | Canara Bank Obtains RBI Nod to Sell Its Factoring Subsidiary

New Delhi, Nov 28 (PTI) State-owned Canara Bank on Tuesday said it has received Reserve Bank approval to sell its stake in its factoring subsidiary.

Canara Bank holds 70 per cent in its unlisted subsidiary, Canbank Factors Ltd.

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The bank is exploring/evaluating the procedures with regards to the same, Canara Bank said in a regulatory filing.

It further said Canara Bank is holding 69.14 per cent shares in its unlisted subsidiary, Canbank Computer Services Ltd (CCSL), and proposes to buy out shares of other shareholders i.e. Bank of Baroda (BOB) and DBS Bank India Ltd (DBIL).

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The bank is also exploring transferring the credit card and other digital product portfolio of the Bank to CCSL, it said.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)