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Canara Bank To Sell Its Russian JV Stake Worth $14.67 Mn To SBI
CIBL was incorporated in the year 2003 and is a Joint Venture (JV) in Russia between SBI (60 per cent) and Canara Bank (40 per cent)
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Canara Bank on Friday said that it would sell its stake in Commercial Indo Bank LLC (CIBL), Moscow, Russia to State Bank of India (SBI).
Canara Bank has entered into a share sale agreement in relation to sale of all the equity shares held by it in Commercial Indo Bank LLC (CIBL), Moscow, Russia with State Bank of India (SBI). The former will receive USD 14.67 million from the sale.
The Bengaluru-based state-owned bank had entered into the agreement for sale on November 11, 2022.
CIBL was incorporated in the year 2003 and is a Joint Venture (JV) in Russia between SBI (60 per cent) and Canara Bank (40 per cent). The JV is worth Rs 215.91 crore (USD 28.487 million) and its net profit is Rs 9.06 crore (USD 1.196 million).
Based on share sale agreement and with the consent of Central Bank of Russia, entire shares held by Canara Bank have been transferred to SBI on November 30, 2022, Canara Bank’s BSE filing mentioned.