In the regulatory filing, it was said on behalf of PNB that if the right option is found at an appropriate time, the bank will sell its stake in Canara HSBC OBC Life Insurance Co.
The ownership of OBC has now been transferred to PNB.
PNB to divest stake: Public sector bank Punjab National Bank said that it will sell its stake in Canara HSBC Oriental Life Insurance Corporation (Canara HSBC OBC Life Insurance Co). Last year, Oriental Bank of Commerce was merged with Punjab National Bank, after which OBC’s ownership was transferred to PNB.
In the regulatory filing, it was said on behalf of PNB that if the right option is found at an appropriate time, the bank will sell its stake in Canara HSBC OBC Life Insurance Co. Oriental Bank of Commerce had 23 per cent stake in life insurance. After the merger of OBC Bank, it has now been transferred to PNB. Canara Bank has 51 percent stake in this insurance company, HSBC Insurance has 26 percent stake and Oriental Bank of Commerce has 23 percent stake. The share of OBC is now with PNB. At present, information has not been given by Punjab National Bank as to how much stake it will sell.
PNB also holds 30 percent stake in MetLife
Punjab National Bank also has a major stake in PNB Metlife Insurance. It is a giant venture which was established in 2001. PNB has 30 per cent stake in this. Apart from this, Metlife holds 26 percent, Elpro has 21 percent and M Pallonji Company has 18 percent. According to IRDAI rules, a promoter cannot hold more than 10 per cent stake in two insurance companies.
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