Canara Financial institution, a public sector financial institution headquartered in Bengaluru, India, has permitted commencing the method of diluting a 14.5% stake in its subsidiary, Canara HSBC Life Insurance coverage Firm.
This course of can be carried out by itemizing the life insurance coverage subsidiary on the nationwide inventory exchanges by an IPO.
Canara HSBC Life Insurance coverage Firm’s proposed IPO is at present topic to the receipt of mandatory approval from the Reserve Financial institution of India (RBI) and the Authorities of India’s Division Of Monetary Providers (DFS).
The financial institution confirmed that the scale, timing and different modalities of the providing are anticipated to be finalised within the coming days.
In a inventory change submitting, Canara Financial institution mentioned: “The dimensions of the problem, opportune time and modalities of concern can be determined in the end. The financial institution will replace the exchanges of all materials developments with regard to the identical, as and when required, as per relevant rules.”
Canara HSBC Life Insurance coverage Firm, established in 2008, is a three way partnership firm with a 51% stake owned by Canara Financial institution and a 26% stake held by the HSBC Insurance coverage (Asia Pacific) Holdings.
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The remaining 23% stake within the life insurance coverage entity is owned by Punjab Nationwide Financial institution.
The Gurugram, Haryana-based firm has workplaces in additional than 100 branches throughout India.
Over the previous 15 years, the corporate has served as one of many main bancassurance conglomerates and gives a spread of insurance coverage services and products to prospects by way of a number of channels together with Canara Financial institution and HSBC’s community in Tier I, II and III cities of India.
Other than life insurance coverage choices, Canara HSBC Life Insurance coverage Firm’s portfolio consists of merchandise throughout particular person and group house reminiscent of well being, retirement options, on-line time period plans, credit score life in addition to worker profit segments.
All these merchandise are provided by way of digital, direct, company mannequin and direct area pressure.
Final 12 months in October, Canara HSBC Life Insurance coverage joined forces with insurtech firm Artivatic.AI to help insurance coverage operations’ digitalisation.
