Oriental Bank of Commerce is planning to divest stake in its life insurance Joint Venture (JV) Canara HSBC OBC Life Insurance to conserve capital. The bank holds 23% in the company, while Canara Bank holds 51% and HSBC holds 26% stake.
The Bank’s divestment decision is due to the government’s Public Sector Bank Reforms Agenda. The Bank will divest its stake depending on market conditions and available options.
Oriental Bank of Commerce is a commercial bank. The Bank operates in four segments: treasury operations, corporate/wholesale banking, retail banking and other banking business operations.