Canara Bank to divest 49% stake in Canbank Investment Management Services Ltd to Robeco Group N.V

Canara Bank has announced that Canbank Investment Management Services Ltd, (CIMS), the Asset Management co. of CMF, is a 100% subsidiary of the Bank. The Bank proposes to divest 49% of the stake in CIMS in favour of Robeco Group N.V. and form a Joint Venture.

The Memorandum of Understanding, with Robeco Group N.V., Netherlands, in connection with setting-up of a Joint Venture will be signed on March 19, 2007, at New Delhi.

Source : Equity Bulls

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