Canara Bank sells entire stake in Russian joint venture ‘CIBL’ to SBI for Rs 121.29 crore
The Commercial Indo Bank LLC (CIBL) is a joint venture in Russia between SBI (60 per cent) and Canara Bank (40 per cent).
CIBL was incorporated in 2003.
Now Canara Bank has announced that it has sold its entire stake in this Russian joint venture to the State Bank of India (SBI) for about Rs 121.29 crore.
With the consent of Central Bank of Russia, the entire shares held by Canara Bank have been transferred to SBI on November 11, 2022.
