Canara Bank, on Thursday, announced Canara Robeco, the joint venture between Canara Bank and Robeco Groep N V (Robeco) has received approvals from Sebi and RBI to commence operations.
Canara Bank and Robeco had entered into an MoU in March this year to undertake asset management business in India.
The new entity - Canara Robeco aims to position Canara Bank’s existing asset management arm, Canbank Investment Management Services Ltd (CIMS), into an industry leader. Robeco, the asset management competence centre for Rabobank, offers discretionary asset management services, in both retail and institutional segments.
With operations in nine countries, Robeco has assets under management of US$ 170 billion (Rs7,65,000 crore).
Canara Bank holds 51 per cent stake in the company and remaining 49 per cent will be held by Robeco. With the plans to re-brand the new entity, Canara Robeco will launch their new funds later this year.
