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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

Question:

Q.1 Canara bank sold its entire 40% stake in CBIL to which bank?
a. Axis Bank
b. SBI
c. HDFC
d. ICICI
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