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PNB plans to exit insurance JV

The Punjab National Bank is divesting its stake in the Canara HSBC OBC Life Insurance Co that came to it following its merger with the Oriental Bank of Commerce in 2020. The bank said in a regulatory filing it intends to divest the stake at an appropriate time depending on market conditions and available options. The Oriental Bank of Commerce has a 23% holding in the life insurance company which came into the fold of Punjab National Bank after the merger. Canara Bank and HSBC Insurance (Asia Pacific) Holdings are the other stake holders having 51% and 26% shares in the company. Punjab National Bank has not disclosed details of the divestment plan. The bank has a 30% stake in another insurance company, the PNB Metlife Insurance Co. The guidelines of the Insurance Regulatory and Development Authority of India governing banks holding stakes in insurance companies stipulate that a single promoter cannot own more than 10% stake in 2 insurance ventures.

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