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HSBC Insurance to buy PNB's 23% stake in Canara HSBC OBC Life Insurance

Business Standard  

HSBC Insurance (Asia Pacific) Holdings Ltd (INAH), one of the shareholders in Canara HSBC OBC Life Insurance Co Ltd, has expressed its intention to acquire Punjab National Bank's stake in the insurance company. The erstwhile Oriental Bank of Commerce (OBC) held 23% in the life insurer, which by virtue of amalgamation in FY2020 has come to PNB. Canara Bank owns 51% stake, while HSBC Insurance (Asia Pacific) Holdings Ltd as a foreign partner owns 26%. PNB owns 30% in another insurer PNB Metlife Insurance. As per extant insurance guidelines of Insurance Regulatory and Development Authority of India (Irdai), a promoter cannot hold more than 10% in two insurance ventures.