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Canara Bank to divest stake in 3 subsidiaries

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Canara Bank to divest stake in 3 subsidiaries

Canara Bank plans to divest its stake in three subsidiaries as part of efforts to improve its capital base.

The bank said Nov. 21 that it would divest its stake in part or in full in Canara Robeco Asset Management Co. Ltd., Canbank Computer Services Ltd. and Can Fin Homes Ltd.

The bank said the decision is also partly due to the Indian government's directions for banks to consider divesting their noncore banking activities.