Canara Bank has received approval from the Reserve Bank of India (RBI) to divest its stakes in Canara Robeco Asset Management and Canara HSBC Life Insurance by 13% and 14.5%, respectively, through an IPO.
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.