Canara Bank Sells Factoring Subsidiary: RBI Approval
Nov 28, 2023 21:57
Canara Bank receives Reserve Bank approval to sell its stake in its factoring subsidiary, Canbank Factors Ltd. The bank also explores transferring its credit card and digital product portfolio to Canbank Computer Services Ltd.
New Delhi, Nov 28 (PTI) State-owned Canara Bank on Tuesday said it has received Reserve Bank approval to sell its stake in its factoring subsidiary.
Canara Bank holds 70 per cent in its unlisted subsidiary, Canbank Factors Ltd.
The bank is exploring/evaluating the procedures with regards to the same, Canara Bank said in a regulatory filing.
It further said Canara Bank is holding 69.14 per cent shares in its unlisted subsidiary, Canbank Computer Services Ltd (CCSL), and proposes to buy out shares of other shareholders i.e. Bank of Baroda (BOB) and DBS Bank India Ltd (DBIL).
The bank is also exploring transferring the credit card and other digital product portfolio of the Bank to CCSL, it said.
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