Canara Bank has received approval from Reserve Bank of India (RBI) to sell its 70% stake in its unlisted subsidiary, Canbank Factors. The bank is exploring/evaluating the procedures with regards to the same. Further, the bank is holding 69.14% shares in its unlisted subsidiary, Canbank Computer Services (CCSL), and proposes to buy out shares of other shareholders i.e. Bank of Baroda (BOB) and DBS Bank India (DBIL). The bank is also exploring transferring the credit card and other digital product portfolio of the Bank to CCSL.
Canara Bank is an Indian state-owned bank headquartered in Bangalore, in Karnataka. It was established at Mangalore in 1906, making it one of the oldest banks in the country.
