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Business News/ Industry / Banking/  Canara Bank to sell its stake in Commercial Indo Bank LLC to SBI
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Canara Bank to sell its stake in Commercial Indo Bank LLC to SBI

CIBL is a joint venture in Russia between State Bank of India which holds 60 per cent stake while Canara Bank holds the rest 40 per cent.

Canara Bank called off move to divest its entire shareholding in Canfin Homes after receiving lower than expected price quotation. Photo: Pradeep Gaur/MintPremium
Canara Bank called off move to divest its entire shareholding in Canfin Homes after receiving lower than expected price quotation. Photo: Pradeep Gaur/Mint

Canara Bank on Friday said that it has entered into a share sale agreement to sell its stake in Commercial Indo Bank LLC (CIBL), Moscow, Russia with State Bank of India (SBI).

CIBL is a joint venture in Russia between State Bank of India (SBI) which holds 60 per cent stake while Canara Bank holds the rest 40 per cent.

On the basis of the agreement, the entire shares held by Canara Bank have been transferred to SBI 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 30.11.2022 However, consideration in USD as agreed by the parties is not yet received," said Canara Bank in its regulatory filing.

The transaction is expected to be completed on or before March 31, 2023.

However, till now the consideration of $14.67million is yet to be received.

"Consideration received on sale / disposal Yet to be received (USD 14.67 Mn equivalent is to be received)," the regulatory filing added.

Moody's Investors Service on Friday upgraded the long-term local and foreign currency bank deposit ratings of state-owned Bank of Baroda, Canara Bank, and Punjab National Bank. The ratings firm also affirmed State Bank of India's long-term local and foreign currency bank deposit ratings to Baa3.

Shares of SBI were trading at 595.40 apiece, up 0.93 per cent on BSE. Canara Bank stock was trading 1.3 per cent up at 324.40.

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Updated: 20 Jan 2023, 06:38 PM IST
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