Kolkata: Canara Bank will soon seek regulatory approval to convert an IT subsidiary into a credit card company as the state-owned lender aims to leverage its existing customer base for selling credit cards with unbridled focus to tap this potential growth market.Managing director K Satyanarayana Raju told ET that the bank is in the advanced stages of submitting an official application with the Reserve Bank of India to start the venture where it will have a 94% stake with Karur Vysya Bank holding the remainder.Canara Bank currently holds 69.14% stake in the subsidiary, Canbank Computer Services. Bank of Baroda owns 18.52% while DBS Bank and Karur Vysya hold 6.17% each. Canara Bank has…
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