Canara Bank is all set to sell its stake in Russian joint venture (JV) Commercial Indo Bank (CIBL) to the other venture partner State Bank of India (SBI) for around Rs 114 crore. Earlier, the bank had entered into the agreement for sale on November 11, 2022. 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. However, consideration in USD as agreed by the parties is not yet received.
The transaction is likely to complete on or before March 31, 2023. CIBL, incorporated in 2003, is a joint venture in Russia between SBI (60 per cent) and Canara Bank (40 per cent).
Canara Bank is an Indian state-owned bank headquartered in Bangalore, in Karnataka. It was established at Mangalore in 1906, making it one of the oldest banks in the country.
