Latest News | SBI to Acquire Nearly 10 Pc Stake in India International Clearing Corporation
Get latest articles and stories on Latest News at LatestLY. State Bank of India (SBI) on Thursday said it will acquire about 10 per cent stake in the India International Clearing Corporation (IICC).
New Delhi, Dec 30 (PTI) State Bank of India (SBI) on Thursday said it will acquire about 10 per cent stake in the India International Clearing Corporation (IICC).
IICC is the first international clearing corporation set up at GIFT-IFSC that acts as a central counterparty providing clearing and settlement and risk management services.
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It clears and settles index and single stock derivatives, currency derivatives and debt securities.
SBI said it is expected to complete up to 9.95 per cent stake, subject to a maximum investment of Rs 34.03 crore, by March 32, 2022, in IICC.
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The strategic investment in IICC is aimed at strengthening the financial markets infrastructure, SBI said in a regulatory filing on Thursday. HRS hrs
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)