Canara Bank to sell shares in CIBL, a joint venture with SBI in Russia

The shares are expected to be transferred to SBI by March 31, 2023.

Pratiksha ThayilUpdated: Friday, January 20, 2023, 03:53 PM IST
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Canara Bank profit jumps 89% to Rs 2,525 Crore in Q2 | Representative Image

Canara Bank announced that it has entered a share sale agreement with Commercial Indo Bank LLC (CIBL), Moscow, Russia, and State Bank of India (SBI), through an exchange filing.

CIBL is a joint venture between SBI and Canara Bank with 60 per cent and 40 per cent shares respectively. The net worth of the company was at Rs 215.91 crore and net profit was at Rs 9.06 crore.

The company had entered into agreement for sale on November 15, 2022. The shares are expected to be transferred to SBI by March 31, 2023.

On Friday, the shares of Canara Bank closed at Rs 319.20, down by 0.30 per cent.

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