Canara Bank sells its 40% stake in Russia JV CIBL to partner SBI for $14.7 M

Canara Bank has sold its stake in its Moscow-based joint venture Commercial Indo Bank LLC (CIBL) to fellow publicly listed Indian PSU bank, State Bank of India (SBI), for USD 14.67 million (about INR 114 crore). CIBL, incorporated in 2003, is a joint venture in Russia between SBI (60%) and Canara Bank (40%). At the end of March 2022, the JV had reported a Net Profit of 9.06 crore (USD 1.196 M) and a Net Worth of Rs.215.91 crore (USD 28.487 M)