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HSBC Insurance (Asia Pacific) Holdings Ltd (INAH), a shareholder in Canara HSBC OBC Life Insurance Co Ltd, has expressed interest in acquiring Punjab National Bank’s (PNB) stake in the insurance company, according to a filing.
In a regulatory filing, PNB said, “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 subject to further evaluation by PNB, it added.
The erstwhile OBC held 23 per cent stake in the life insurer, which by virtue of amalgamation in FY20 is now with PNB. Canara Bank owns 51 per cent, while HSBC Insurance (Asia Pacific) Holdings Ltd as a foreign partner owns 26 per cent.
With inputs from PTI
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