Canara Bank has entered into a share sale agreement in relation to sale of equity shares held by it in Commercial Indo Bank LLC (CIBL), Moscow, Russia with State Bank of India (SBI). The transaction is expected to be completed on or before 31 March 2023. The consideration of the stake sale is USD 14.67 million.
CIBL, incorporated in the year 2003, is a Joint Venture in Russia between SBI (60%) and Canara Bank (40%).
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