Canara Bank divests 40% of its shares in Commercial Indo Bank LLC

New Delhi: State-owned Canara Bank said in a regulatory filing on Thursday that it has divested in Commercial Indo Bank LLC wherein it held 40 percent equity shares.

In another filing, the State Bank of India said that it has purchased a 40 percent stake in Commercial Indo Bank LLC (CIBL), Moscow held by Canara Bank. "Based on Share Sale Agreement and with the Consent of Central Bank of Russia, entire shares held by Canara Bank have been transferred to SBI on November 30, 2022," it said.

Further, the bank informed that it received an amount equivalent to Rs 121,29,14,133 (Rupees One Hundred Twenty-One Crore Twenty-Nine Lakh Fourteen Thousand One Hundred and Thirty-Three only) on Thursday after the completion of the transaction with the State Bank of India (SBI).

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