Canara Bank (NSEI:CANBK) is set to spin off its credit card vertical into a separate subsidiary while it has started preparing a roadmap for listing of its life insurance and fund management businesses, managing director K Satyanarayana Raju told ET. Raju also said that the bank is looking to focus on retail, agriculture and MSME lending and would slow lending to corporates to maintain net interest margin above 3%. The bank is taking steps to expand low-cost deposits, thus helping improve margins and profitability.

The bank is focusing on the credit card business, which it believes can grow exponentially through cross-selling and leveraging the strength of its existing 80 million active customer base.