Canara Bank has transferred its entire 40 per cent shareholding in Commercial Indo Bank LLC (CIBL), Moscow, to State Bank of India (SBI).
This follows the bank entering into a share sale agreement in relation to sale of equity shares held by it in CIBL with SBI.
Based on the share sale agreement and with the consent of the Central Bank of Russia, the entire shares held by Canara Bank was transferred to SBI on November 30, 2022, said the Bengaluru-headquartered public sector said in a regulatory filing.
However, consideration ($14.67 million equivalent) in USD as agreed by the parties is not yet received, the Bank said.
The transaction is expected to completed on or before March-end 2023.
CIBL, incorporated in the year 2003, is a Joint Venture in Russia between SBI (60 per cent) and Canara Bank (40 per cent).
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.