Punjab National Bank plans to sell stakes in several firms

Punjab National Bank plans to sell stakes in several companies, including Canara HSBC Oriental Bank of Commerce Life Insurance Co. Ltd., Press Trust of India reported Jan. 28, citing S.S. Mallikarjuna Rao, the bank's CEO and managing director.

In addition to the insurance joint venture, the state-run bank is looking to sell stakes in asset reconstruction companies during fiscal 2022-2023.

Rao said the lender also plans to further pare its stake in UTI Asset Management Co. Ltd. as part of its noncore asset sale plan to bolster its capital base.