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SBI and Canara Bank to set up JV Bank in Moscow
By siliconindia
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Monday, 06 January 2003, 20:30 IST
CHENNAI: "Commercial Bank of India", a joint venture of State Bank of India and Canara Bank is expected to commence full fledged operations in Moscow by March end next.
Disclosing this to reporters after inaugurating a renovated branch of Canara Bank here, its Executive Director N Kantha Kumar said clearance from the Russian authorities was awaited for starting the new bank, the first such joint venture between the two banks.
The bank would have an equity of $20 million in the ratio of 60:40 by the SBI and his bank, he said and added that the bank would handle finances pertaining to exports and imports from and to India.
He said Canara bank was also looking at the prospects of starting a Deposit Taking Company at Shangai in China in addition to the one at Hong Kong known as "International Finance Ltd.".
A bank representative had already been sent to Shangai to study the feasibility for opening such an establishment there, he said.