SBI to acquire about 10% stake in India International Clearing Corporation

SBI is acquiring about 10 per cent stake in the India International Clearing Corporation (IICC).

New Delhi: 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.

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. Also Read: Swiggy, Zomato orders to cost more from Jan 1; check by how much your food orders could get expensive

The strategic investment in IICC is aimed at strengthening the financial markets infrastructure, SBI said in a regulatory filing on Thursday. Also Read: CMS Info Systems to list on Dec 31: Check latest GMP, expected listing price