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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.