The Hindu Business Line : SBI gets RBI nod for SocGen venture

Mumbai, Nov. 20 State Bank of India has received the Reserve Bank of India’s approval for the proposed joint venture company with Societe Generale Securities Services (SGSS), for offering custodial and related services in India.

SBI and SGSS will hold 65 per cent and 35 per cent equity of the company respectively, said an SBI press release .

The joint venture plans to commence operations by the first quarter of 2009, subject to the receipt of the requisite SEBI (Securities and Exchange Board of India) licence.The investment in the proposed venture was approved by the Foreign Investments Promotion Board on September 4, 2008.

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
Importers’ $ demand puts rupee under pressure

HDFC branch at Gachibowli

Banks to focus on home loans below Rs 25 lakh

Liquidity is not the issue

Rupee at all-time low

RBI may allow special market operations for oil bonds

No evidence of manipulation of ICICI Bank share price: SEBI

Corporation Bank to scale up bancassurance

IndusInd to add branches, ATMs

Govt, RBI to look at funding options for IIFCL: Chidambaram

Bond rally continues

Public sector cos tapping bond market for funds

LVB hikes deposit rates

Syndicate Bank ups deposit rates

SBI gets RBI nod for SocGen venture

New head for Citi S. Asia; Sanjay Nayar moves to KKR