Punjab National Bank (PNB) to Sell 10% Stake in Canara HSBC Life Insurance via Initial Public Offering (IPO).

Banking & Finance

PNB approves divesting a 10% stake in Canara HSBC Life Insurance through IPO. Canara Bank, with a 51% stake, and HSBC, with 26%, are the major shareholders. Canara HSBC Life reported a surplus of ₹182 crore for FY 2023-24, up 15% from the previous fiscal.


      This decision follows Canara Bank's recent approval to dilute its 14.50% stake in Canara HSBC Life Insurance, where it holds a majority stake of 51%. HSBC holds a 26% stake in the joint venture.

      Previously, PNB's Managing Director and CEO Atul Kumar Goel stated no immediate plans to sell the stake. IRDAI's revised norms allow banks to hold up to 25% equity in two life insurers.

     

 

     


About PNB

CEO- Atul Kumar Goel
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