The Commercial Bank of India LLC (CBI), a joint venture between public sector Canara Bank (BSE:CNBK) and State Bank of India (BSE:SBI), has begun operations in Moscow.
SBI holds 60 per cent equity in CBI, the first wholly Indian-owned commercial bank in Russia with the remaining 40 per cent by Bangalore-based Canara Bank, a bank statement said today.
CBI will offer services in exim finance, remittances and settlements, Letters of Credit and guarantees, besides working capital and term loan financing for corporate clients.
Canara Bank chairman and managing director R V Shastri, State Bank of India Deputy Managing Director B D Sumitra and Central Bank of Russian Federation Deputy Managing Director V N Smimov were present during the inauguration of the bank early this month by Indian Ambassador to Russia Kanwal Sibal, it said.
Source: Asia Pulse
