Bank of Baroda, DBS Bank and Karur Vysya Bank are likely to sell their cumulative stake of just over 30% in Canbank Computer Services to Canara Bank, its majority owner.
This will make Canbank Computer, a software-enabled services and ATM management company, a fully owned subsidiary of Canara Bank.
Canara, which now holds a 69.14% stake in the subsidiary, has initiated this exercise as it plans to convert the unit into a credit card company. The bank has decided to hive off its credit card division for more focused business expansion.
Source:
Economic Times
