India: Oriental Bank of Commerce starts process to sell stake in life insurance JV

Oriental Bank of Commerce said it has begun the process of selling its 23% stake in Canara HSBC Oriental Bank Life Insurance Ltd by hiring ICICI Securities as the manager to a potential sale. The public sector lender did not disclose the valuation of its stake. Two people aware of the development said, requesting anonymity, that Oriental Bank is looking to raise around Rs 1,500 crore.

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