State Bank Of India

State Bank of India (SBI) has entered into an agreement to purchase of 40% stake in Commercial Indo Bank LLC (CIBL), Moscow held by Canara Bank. CIBL, Moscow is a joint venture of the Bank and Canara Bank in 60:40 ratio. Post-acquisition, the Bank will be holding 100% stake in CIBL. The transaction is likely to be completed on or before March 31, 2023.

Recently, RBI had approved the stake purchase and also accorded its approval for extension of timelines till March 31, 2023 to complete the transaction.

SBI is the country’s largest lender and it offers a wide range of services in the Personal Banking, Agriculture/ Rural, NRI services, SME and Corporate Banking etc.