Canara Bank Gets RBI Nod for IPOs in AMC and Insurance Units

Canara Bank has received approval from the Reserve Bank of India to sell stakes in its subsidiaries, Canara Robeco Asset Management Company (13%) and Canara HSBC Life Insurance (14.5%), through initial public offerings (IPOs). The move aligns with the bank’s strategy to unlock value and boost capital for business growth. These IPOs are expected to expand investor opportunities in the asset management and insurance sectors, while aiding the bank’s financial flexibility. Canara Bank shares surged following the announcement, reflecting positive market sentiment.