Canara Bank has sold its stake in Commercial Indo Bank LLC (CIBL) to joint venture partner State Bank of India (SBI) for Rs 121.29 crore. 

CIBL, incorporated in 2003, is a joint venture in Russia between SBI with 60% stake and Canara Bank with 40%.

Canara Bank, in a regulatory filing, said it has received the entire consideration amount equivalent to Rs 121.29 crore on Thursday for the sale of its stake.

The Bengaluru-based state-owned bank entered into the agreement for sale on November 11, 2022.

Indianbankingnews.com was the first to report that SBI is going to buy out Canara Bank's stake in the joint venture company in Russia.

As of 31 March 2022, the JV’s net worth stood at Rs 215.91 crore.