State Bank of India to acquire balance stake in Commercial Indo Bank LLC, Moscow
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From JV partner Canara Bank
State Bank of India has entered into an agreement dated 15 November 2022 in relation to purchase of 40% stake in Commercial Indo Bank LLC (CIBL), Moscow held by Canara Bank.CIBL is a joint venture of State Bank of India and Canara Bank in 60:40 ratio.
The cash consideration for the transaction is equivalent to USD 14.67 million.
Post acquisition, State Bank of India will hold 100% stake in CIBL.
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