HSBC Insurance Holdings is in talks with Canara and the Oriental Bank of Commerce (OBC) over increasing its stake from 26% in their joint venture, following the Indian government allowing foreign investment in insurance to rise to 49% in the country. The life insurance company formed in 2008 is a joint venture between Canara Bank, which presently holds 51 per cent stake, HSBC Insurance Ltd that holds 26 per cent and Oriental Bank of Commerce holding 23 per cent stake. The two banks have agreed on a deal that will see them increase their shareholding by up to 51%, according to people familiar with the matter.
HSBC Insurance Holdings is in talks with Canara and the Oriental Bank of Commerce (OBC) over increasing its stake from 26% in their joint venture, following the Indian government allowing foreign investment in insurance to rise to 49% in the country. The two banks have agreed on a deal that will see them increase their shareholding by up to 51%, according to people familiar with the matter.