Canara Bank Sell Stake to SBI: Canara Bank has sold its stake in joint venture of Russia. This deal has been done with State Bank of India. Canara Bank has been informed in the filing that it has sold stake in Russia Joint Venture Commercial Indo Bank LLC (CIBL) for Rs 121.29 crore.
During the year 2003 Commercial Indo Bank LLC (CIBL) was incorporated with 60 per cent SBI and 40 per cent Canara Bank. On 11 November 2022, the Bengaluru based company had entered into an agreement to sell its entire stake. Now the bank has sold it.
Shares were transferred on November 11
In the filing, Canara Bank said that Rs 121.29 crore has been received for this entire deal. According to the PTI report, the sale of the entire stake of Canara Bank to SBI Bank was announced during January, while according to the agreement, the entire stake of Canara Bank has been transferred to SBI on November 11, 2022. All shares have been issued with the consent of the Central Bank of Russia.
Moody’s upgrades rating
Moody’s Investors Service has also upgraded the long-term residence and foreign currency bank deposit ratings of public sector banks Bank of Baroda, Canara Bank and Punjab Nation Bank (PNB). The rating firm has also placed the long-term local and foreign currency bank deposit ratings of State Bank of India in the Baa3 category.
Canara Bank hikes home loan rates
The public sector lender has also increased home loan rates and other loan rates from March 12 this year. Canara Bank has increased MCLR by 45 bps and now these rates have been increased from 7.55 per cent to 8.60 per cent.
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