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).