Canara Bank to set up life insurance co with OBC, HSBC

NEW DELHI: Canara Bank announced it will jointly establish a new life insurance company with Oriental Bank of Commerce (OBC) and HSBC Insurance.

In this joint venture, Canara Bank will be holding a 51 per cent stake while HSBC and OBC will be having 26 and 23 per cent stake respectively.

The Memorandum of Understanding to this effect was signed in the presence of Finance minister P Chidambaram.