State Bank of India consolidates 100% of Russia's Indo Bank

MOSCOW. Dec 2 (Interfax) - The State Bank of India has consolidated 100% of shares in Moscow-based Commercial Indo Bank, data from the Unified State Register of Legal Entities showed.

Commercial Indo Bank was founded in 2004 as a joint venture between the State Bank of India with 60% and Canara Bank, another state-controlled Indian bank, with 40%. The State Bank of India is the country's largest bank by assets, while Canara ranks fifth.

Russia's Analytical Credit Rating Agency (ACRA) affirmed the Russian bank's credit rating at A(RU) with a stable outlook. The agency said it believes the owners continue to have an interest in providing the bank with long-term and short-term financing if needed. Indo Bank has been the parent banks' main agent in transactions with Indian companies doing business in Russia.

Commercial Indo Bank was Russia's 203rd largest lender by assets at the end of 2021, with 5.4 billion rubles, according to the Interfax-100 ranking.