Public sector banks are being pressured by the government to expedite their plans for initial public offerings (IPOs) for their joint ventures and subsidiaries.
For a medium- to long-term market debut or strategic disposal, nearly 15 of these firms have been shortlisted. The objective? To maximize returns on state-owned capital, unlock value, improve governance, and access public markets when they're needed.
PSBs have been encouraged to increase capital in their subsidiaries, improve operational efficiency, and streamline decision-making in order to become listing-ready.
The finance ministry also wants a more professional approach overall and better governance. These five public sector banks are laying the foundation for their subsidiaries that may soon be on the market.
| PSU Bank | Subsidiary | Business Type |
|---|---|---|
| State Bank of India | SBI General Insurance | General Insurance |
| SBI Payment Services | Merchant Payments | |
| Canara Bank | Canara Robeco AMC | Mutual Fund / Asset Mgmt |
| Canara HSBC Life Insurance | Life Insurance | |
| Bank of Baroda | IndiaFirst Life Insurance | Life Insurance |
| Union Bank of India | IndiaFirst Life Insurance | Life Insurance |
| Central Bank of India | Cent Bank Home Finance Ltd | Housing Finance |
| Centbank Financial Services Ltd | Financial Advisory / Trustee | |
| Punjab National Bank | PNB MetLife India Insurance | Life Insurance |
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