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Canara Bank has shelved its plan to sell stake, either in part or in full, in its subsidiary Canara Robeco Asset Management Company (CRAMC)for the time being.
The public sector bank, in a stock exchange notice, said “given the tremendous growth opportunities offered by the mutual fund industry in its current growth phase and the value we offer to our customers, the bank has decided not to pursue strategic sale of its stake in the AMC subsidiary for the time being.”
Canara Bank and Robeco Group NV hold 51 per cent and 49 per cent stake, respectively, in CRAMC.
The bank earned a commission of ₹14 crore from CRAMC in FY2017. The AMC posted a net profit of ₹16.21 crore and declared a dividend of 10 per cent for the year 2016-17.
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