Canbank to sell 49% MF arm stake to Robeco

Canara Bank is transferring 49% in its mutual fund arm Canbank Investment Management Services (CIMS) to Netherlands-based Robeco, the asset management arm of Rabobank Group, today. The bank had signed an agreement in March with Robeco for selling the stake.

Canara Bank will retain 51% in its mutual fund arm after the stake sale. Subsequently, the bank will set up a joint venture, the bank informed BSE today.