New Student Offer - HELLO

Join Here

Canara bank sells its complete stake in CBIL to SBI

Published on January 23, 2023
Current Context: Canara Bank plans to sell State Bank of India, the other JV partner, its whole 40% investment in the Russian joint venture (JV), Commercial Indo Bank LLC (CIBL) (SBI). The transaction's cash consideration is worth USD 14.67 million. (114 crore rupees) The deal is anticipated to close on or before March 31, 2023.
Canara bank sells its complete stake in CBIL to SBI
  • After the transaction, the State Bank of India would own all of CIBL, a joint venture between SBI and Canara Bank that was founded in Russia in 2003.
  • For a 40% equity transfer from SBI, Canara Bank is anticipated to get $14.67 million, or roughly Rs 114 crore.
  • A share sale agreement between Canara Bank and SBI for the purchase of equity shares in CIBL precedes the share transaction.
  • On November 30, 2022, Canara Bank transferred all of the shares it had in CIBL to the SBI with the consent of the Central Bank of the Russian Federation (Bank of Russia) and in accordance with the share sale agreement.
  • Canara Bank:
    • Non-Executive Chairman- Vijay Srirangan
    • Headquarters- Bangalore, Karnataka
    • Establishment- 1906
  • State Bank of India (SBI):
    • Chairman- Dinesh Kumar Khara
    • Headquarters- Mumbai, Maharashtra
    • Establishment- 1955


Q.1 Canara bank sold its entire 40% stake in CBIL to which bank?
a. Axis Bank
b. SBI
ebook store

About us

ramandeep singh

Ramandeep Singh, your guide to banking and insurance exams. With 14 years of experience and 5000+ selections, Ramandeep understands the path to success, having transitioned himself from Dena Bank and SBI. He's passionate about helping you achieve your banking and insurance dreams.

  • Follow me:
Close Menu
Close Menu