J&K Bank to raise up-to Rs 600 crore by selling entire 5% stake in PNB MetLife

Jammu & Kashmir (J&K) Bank, Kashmir-based state-owned bank, is planning to raise Rs 500-600 crore by selling its remaining 5% stake in PNB MetLife. This stake sale is expected to be completed by December. The bank has already reduced its equity in MetLife from 11% to 5% and by selling this remaining stake it would be completely exiting from life insurance venture. J&K Bank is a corporate agent of Metlife India. It sells life insurance products through its branches network Jammu & Kashmir Bank is the only state government owned bank in the country with the Government of J&K (GoJK) holding around 53% shareholding in the bank. JKB holds a monopolistic position in the state of J&K constituting majority of the credit and deposits in the state.