Canara Bank sells stake in Russian joint venture to SBI for Rs 121 crore: Canara Bank has sold its stake in Commercial Indo Bank LLC (CIBL), a joint venture with State Bank of India (SBI), to SBI for approximately 121.29 crore. CIBL, which was established in 2003, operates in Russia and is owned 60% by SBI and 40% by Canara Bank. Canara Bank reports that the sale agreement was signed on November 11, 2022.
March 2023 Current Affairs Quiz
More About The Canara Bank and SBI Deal:
Canara Bank has confirmed in a regulatory filing that it has received the full consideration amount of 121.29 crore for the sale of its stake in Commercial Indo Bank LLC to SBI. The agreement for the sale of Canara Bank’s stake to SBI was announced in January of this year and the entire transfer of shares was completed on November 11, 2022, as per the agreement.
About the Canara bank:
Canara Bank is an Indian public sector bank under the control and ownership of Ministry of Finance, Government of India. Ammembal Subba Rao Pai founded the bank in Mangalore in 1906, and it now has offices in London, Dubai, and New York.
Important takeaways for all competitive exams:
- Canara Bank Headquarters: Bengaluru;
- Canara Bank Founder: Ammembal Subba Rao Pai;
- Canara Bank Was Founded On: 1 July 1906