Eyeing growth opportunities, Canara Bank not to sell stake in AMC business

A rickshaw puller passes the Canara Bank branch in the old quarters of Delhi. Photo: Reuters
Public sector lender Canara Bank on Friday said it will not sell its stake in asset management division firm Robeco Asset Management Company due to huge growth opportunities in the sector.

Earlier in November, the bank had said it will sell stake, either in part or full, in subsidiary firm Canara Robeco Asset Management Company (AMC).

"Now, we inform that given the tremendous growth opportunities offered by the mutual fund industry in this current growth phase and the value we offer to our customers, Canara Bank has decided not to pursue the strategic sale of its stake in Canara Robeco Asset Management Company for the time being," it said in a regulatory filing.

Apart from the stake sale in AMC business, Canara Bank in November had also informed about selling stakes in registrar and transfer agent business through Canbank Computer Services and housing finance company Can Fin Homes to monetise its assets.

Shares of Canara Bank today closed flat at Rs 360.90 per unit on BSE.