Canara Bank announced on Thursday that it had received from State Bank of India (SBI) approximately Rs121.29 crore for its stake in the Russian joint venture Commercial Indo Bank LLC (CIBL). A 2003 joint venture between SBI (60%) and Canara Bank(40%) in Russia is called CIBL.
In a regulatory filing, Canara Bank stated that it had received the whole payment, or Rs121.29 crore, for the sale of its stake on Thursday.
On November 11, 2022, the state-owned bank with headquarters in Bengaluru agreed to the sale agreement.
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