Canara Bank to spin off its credit card vertical into a separate subsidiary

Canara Bank is planning to create a new subsidiary to run its credit card business, said CEO K Satyanarayana Raju. He said the bank, which is the third most-valued state-run lender after State Bank of India and Bank of Baroda, will either use one of its existing subsidiaries or set up a new one to run the card business, which it believes can grow exponentially.

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