PNB calls off divestment in Canara HSBC Life Insurance, stock gains 3%

Punjab National Bank said it would hold its stake in Canara HSBC Life as an investor, subject to regulatory approvals.

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Punjab National Bank shares gained more than 3 percent on March 21 after the public sector lender called off stake sale in Canara HSBC Life Insurance.

The stock traded at Rs 49.85 on the NSE, rising 3.1 percent, at 2:09pm, and continued the uptrend for the third consecutive session.

After a December 5 notification from the Insurance Regulatory and Development Authority of India (IRDAI), the board of directors of the bank on February 28 accorded approval for withdrawal of the process for divestment of PNB’s stake in Canara HSBC Life Insurance Company.

The bank will hold its stake in Canara HSBC Life as an investor, subject to regulatory approvals.

Punjab National Bank now holds 23 percent stake in Canara HSBC Life Insurance Company, while 51 percent is held by Canara Bank and 26 percent by HSBC.

In May 2021, the bank had shown its intention to divest stake in Canara HSBC Life Insurance Company, an associate company of the bank, at an appropriate time, depending upon market conditions and available options.