HSBC Insurance eyes shopping for PNB stake in Canara HSBC OBC Life Insurance

HSBC Insurance (Asia Pacific) Holdings Ltd (INAH), a shareholder in Canara HSBC OBC Life Insurance Co Ltd, has expressed curiosity in buying Punjab National Bank’s (PNB) stake within the insurance coverage firm, in line with a submitting.
In a regulatory submitting, PNB mentioned, “The bank has received a communication from HSBC Insurance (Asia Pacific) Holdings Ltd (INAH), one of the shareholders of the company, conveying its intention to acquire Bank’s stake in the company.”
However, the communication from INAH is topic to additional analysis by PNB, it added.
The erstwhile OBC held 23 per cent stake within the life insurer, which by advantage of amalgamation in FY20 is now with PNB. Canara Bank owns 51 per cent, whereas HSBC Insurance (Asia Pacific) Holdings Ltd as a international companion owns 26 per cent.
With inputs from PTI