Canara Bank sells stake in Russian joint venture to SBI for Rs 121 crore

Canara Bank has announced that it sold its stake in Commercial Indo Bank LLC (CIBL), a joint venture with State Bank of India (SBI), to SBI for approximately ₹121.29 crore.

Canara Bank has announced that it sold its stake in Commercial Indo Bank LLC (CIBL), a joint venture with State Bank of India (SBI), to SBI for approximately ₹121.29 crore. CIBL, which was established in 2003, operates in Russia and is owned 60% by SBI and 40% by Canara Bank. According to Canara Bank, the sale agreement was executed on November 11, 2022.

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More About The Canara Bank and SBI Deal:

According to a regulatory filing, Canara Bank has confirmed that it has received the full consideration amount of ₹121.29 crore for the sale of its stake in Commercial Indo Bank LLC to SBI. The agreement for the sale of Canara Bank’s stake to SBI was announced in January of this year and the entire transfer of shares was completed on November 11, 2022, as per the agreement.

About the Canara bank:

Canara Bank is an Indian public sector bank under the control and ownership of Ministry of Finance, Government of India. Established in 1906 at Mangalore by Ammembal Subba Rao Pai, the bank also has offices in London, Dubai and New York.