Canara Bank will announce stake sale in its mutual fund arm to a global player within 2-3 weeks, said Chairman and Managing Director MBN Rao. He, however, did not disclose any further details. | |
| It was earlier reported that the bank was likely to sale its stake in Canbank Mutual Fund to Robeco. |
| |
| However, Rao declined to comment on the report. |
| |
| Netherlands-based Robeco, the asset management arm of Rabobank Group, has around 1,600 employees in nine countries. Robeco's assets under management were 131 billion euros at the end of 2005. |
| |
| Canara Bank is likely to retain 51 per cent or more in its mutual fund arm after the stake sale. |
| |
| Most fund officials feel the deal would be valued at 6-7 per cent of the fund house's assets under management. |
| |
| The mutual fund manages assets worth Rs 2,305 crore. |
| |
| The fund house has recently launched a multi-cap fund and is expecting to raise Rs 1000 crore via the initial float which closes on January 4. |
| |
|
| |
