Canara HSBC OBC Life has renamed itself as Canara HSBC Life following its third partner Punjab National Bank’s (PNB’s) decision to exit. PNB had acquired a stake in the company following the amalgamation of Oriental Bank of Commerce (OBC). Currently, Canara Bank holds 51% in the insurance arm, HSBC holds 26% and PNB 23%. Following PNB’s decision to exit, the stake is likely to be acquired by existing shareholders.
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Announcing the rebranding of the company, Canara HSBC Life MD Anuj Mathur said that the company has turned in a profit despite Rs 500 crore of additional claims due to Covid-19. The strategy was to diversify business beyond bancassurance.
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