Canara Bank to Sell 70% Stake in Canbank Factors for ₹80.5 Cr

Canara Bank's Board of Directors has approved the sale of its 70% stake in its unlisted subsidiary, Canbank Factors Limited. The entire equity shareholding will be transferred to M/s Vidvedaa Private Limited for a consideration of ₹80.50 crore. This divestment is subject to obtaining necessary regulatory, statutory, and legal approvals. The transaction marks a strategic move by Canara Bank to streamline its operations and focus on core banking activities.