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PNB to divest stake in Canara HSBC OBC Life Insurance

Economic Times  

Punjab National Bank (PNB) will divest its stake in Canara HSBC OBC Life Insurance Co. PNB had acquired a stake in the life insurer post amalgamation of the erstwhile Oriental Bank of Commerce (OBC) into itself last fiscal year. The erstwhile OBC held a 23% stake in the life insurer, which, by virtue of amalgamation, has come to PNB. Canara Bank now owns a 51% stake, while HSBC Insurance (Asia Pacific) Holdings Ltd as a foreign partner owns 26%.

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