Canara Bank will provide SBI with its portion of Commercial Indo Bank LLC

On Friday, Canara Bank announced that it has reached a deal with the State Bank of India to sell its shares in Commercial Indo Bank LLC (CIBL), a bank based in Moscow, Russia (SBI).

State Bank of India (SBI), which owns 60% of CIBL in Russia, and Canara Bank, which owns the remaining 40%, are joint ventures.

On November 11, 2022, SBI received all of the shares that Canara Bank had previously owned in accordance with the contract.

This news was written by Ms. Pujari Dharani, Research Assistant, All India Legal Forum.

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