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.
Buy Prime Test Series for all Banking, SSC, Insurance & other exams
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.
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.
Canara Bank Headquarters: Bengaluru;
Canara Bank Founder: Ammembal Subba Rao Pai;
Canara Bank Was Founded On: 1 July 1906.
Find More News Related to Banking
Sharad Navratri is one of the important Hindu festivals that takes place over nine days…
Weekly Current Affairs One-Liners Current Affairs 2026 plays a very important role in competitive examinations…
A standing committee for judicial well-being has been formed by the Supreme Court of India…
Donald Trump, United States President selected the Katie Zacharia to become the new White House…
As per reports, the minimum requirement of CRR maintenance in a day by scheduled banks…
On October 9, 2026, an earthquake of magnitude 7.7 hit Panama, causing damage to both…