State-owned Canara Bank on Tuesday said it has received Reserve Bank of India (RBI) approval to sell its stake in its factoring subsidiary.

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Canara Bank holds 70% of its unlisted subsidiary, Canbank Factors Ltd.

The bank is exploring/evaluating the procedures with regard to the same, Canara Bank said in a regulatory filing.

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It further said Canara Bank is holding 69.14% shares in its unlisted subsidiary, Canbank Computer Services Ltd (CCSL), and proposes to buy out shares of other shareholders i.e. Bank of Baroda (BOB) and DBS Bank India Ltd (DBIL).

The bank is also exploring transferring the credit card and other digital product portfolio of the Bank to CCSL, it said.

First Published:Nov 28, 2023 10:51 PM IST