On Friday, Canara Bank said it plans to sell its stake in Russian joint venture Commercial Indo Bank LLC (CIBL) to another venture partner, State Bank of India (SBI), for about Rs 114 crore.

CIBL was established in 2003 as a joint venture in Russia between SBI (60%) and Canara Bank (40%).

Canara Bank has entered into a share sale agreement with SBI for the sale of its stake in Moscow-based CIBL, the bank said in a regulatory filing.

The company said the Bengaluru-based state-owned lender agreed to sell on November 11, 2022.

According to the share sale agreement and with the consent of the Central Bank of Russia, all shares held by Canara Bank were transferred to SBI on November 30, 2022, it said.

“However, the agreed US dollar consideration has not been received. The transaction is expected to close on or before March 31, 2023,” it said.

Canara Bank is expected to receive $14.67 million or about Rs 114 crore for a 40% stake transfer from SBI.