State Bank of India to acquire balance stake in Commercial Indo Bank LLC, Moscow

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Capital Market
Last Updated : Jan 21 2023 | 10:50 AM IST
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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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First Published: Jan 21 2023 | 10:27 AM IST

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