Canara Bank to Launch IPOs for AMC and Insurance Subsidiaries

Canara Bank has received approval from the Reserve Bank of India to divest stakes in Canara Robeco Asset Management Company Ltd and Canara HSBC Life Insurance Company Ltd through initial public offerings (IPOs). The PSU bank plans to reduce its shareholding by 13% and 14.5%, respectively, in line with the October 2029 timeline set by the government to bring its stakes down to 30%.

The move aims to unlock value for shareholders, with Canara Bank reporting strong Q2 results driven by retail loan growth, particularly in gold loans. The bank will initiate the IPO process while adhering to SEBI regulations.