Date:11/07/2007 URL: http://www.thehindubusinessline.com/2007/07/11/stories/2007071152140600.htm

Back LIC will remain major shareholder: CMD

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Life Insurance Corporation, which holds a critical stake in Corporation Bank, will continue to remain among its major shareholders, Mr Sambamurthy said.

The life insurer, as on June 30, had over 26 per cent of the bank’s equity. Its other institutional shareholders included Matthews India Fund and Genesis India Investment Co, with over 2 and 4 per cent, respectively.

The bank is currently adequately capitalised and has intention of mobilising Tier-I capital for the time being. However, it has some headroom for Tier-II capital. The issue of raising Tier-II will be considered at an opportune moment, the CMD said.