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SBI raises stake in Indonesian subsidiary to 99%

Last Updated: Monday, September 2, 2013 - 22:42

New Delhi: State Bank of India (SBI) Monday said it has raised its stake in its Indonesian subsidiary to 99 percent.

"The bank has acquired 23 percent shares of Bank State Bank of India, Indonesia (BSBII) in a recent deal with P T Ravindo Jaya," SBI said in a filing on the BSE.

As per the latest holding structure of BSBII, it said, the local partner P T Ravindo Jaya share came down to 1 percent.

Following the change in the shareholding pattern, the name of the bank has been changed.

The Tier I capital of the subsidiary stood at 10.40 percent while the total capital was 11.58 percent at the end of March 31, 2013.

The number of SBI's foreign offices increased from 173 as on March 2012 to 186 at the end of 2012-13 spread across 34 countries.

The offices comprise 51 branches, 7 Representative Offices, 107 offices of the six foreign banking subsidiaries and 21 other offices.


First Published: Monday, September 2, 2013 - 22:42
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