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Indian Bank gets nod to divest stake in ASREC India
Mar-06-2021

Indian Bank’s board has accorded in-principle approval for partial/full divestment of the bank's stake in joint venture ASREC (India), as part of the monetisation of the bank's non-core assets. The bank holds a 38.26 percent stake in ASREC (India). ASREC is an asset reconstruction company in which Bank of India, Union Bank of India, LIC and Deutsche Bank are the shareholders. The board of directors of the bank in its meeting held on March 5, 2021, accorded in-principle approval for the same.

Indian Bank was established as a part of the Swadeshi movement. The Bank provides a wide spectrum of banking products and services.

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