SBI STAKE IN MAURITIAN ARM RISES TO 98%
Article Abstract:
The State Bank of India (SBI) has acquired 49 percent stake of the State Bank of Mauritius in State Bank International, Mauritius. SBI's holding in the State Bank International has increased to 98 percent. SBI has decided to rename the bank as SBI International Ltd (SBIL). SBI plans to bring about changes in the members of board of SBIL. SBIL has an equity of $10 million and the par value of the 49 percent stake amounts to $4.9 million. SBI is estimated to have paid out $6 million for the 49 percent stake in SBIL. Its deposits stand at $60 million to $90 million and advances around $30 million to $50 million. It had reserves of $3.7 million in 1998. (rk)(m)
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1999
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GOVT TO ABSORB CANARA BANK's Rs503 CRORE LOSS ON CANSTAR
Article Abstract:
The government of India will bear the Rs503 crore losses incurred by Canara Bank (CB). CB has suffered the loss following its repurchase liability of Canbank Mutual Fund (CMF) on Canstar units. CB will get the profits if any, after the redemption of the Rs42.26 crore Canstar units, while the government will bear losses. Canstar units scheme floated by CMF had a repurchase obligation to be completed in September 1996, but could not fulfill the commitment due to insufficient funds. The repurchase price was Rs23. (gs)
Comment:
The government of India will bear the Rs503 crore losses incurred by Canara Bank.
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1998
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