Central Bank of India is planning to sell its housing finance subsidiary Cent Bank Home Finance as part of its strategy to exit non-core assets.
The State-run lender has hired ICICI Securities as merchant banker to find a buyer.
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The Indian government has asked all public sector banks to sell off their non-core assets so that they can focus on their core-competency and remain profitable.
Total valuation of the housing finance company, in which the bank holds 60%, is around INR2bn (32.47m) with its stake being valued at around INR1.25bn.
Rajeev Rishi, chairman and managing director of the bank, said, "We need INR14-15bn of funds in this year and we already are there in the market."
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