Corporation Bank, public sector lender has reportedly sold stake worth Rs 19.91 crore in the Multi Commodity Exchange (MCX) in the last four months. The bank has brought down its stake to 1.32% from 2.10%. The bank has been selling shares of the exchange in a staggered manner ever since Forward Markets Commission declared in December that promoter Financial Technologies and key official Jignesh Shah were not ‘fit and proper’ to operate commodity exchanges.
Corporation Bank is a Mangalore-based mid-sized public sector bank which was established in 1906. Government of India is the majority shareholder holding 59.82% stake in the bank. As on March 31, 2013, the bank has 1707 branches and 1425 ATMs.
