SBI increases stake in Indonesian subsidiary

By IVCPOST Staff Reporter

Sep 02, 2013 08:46 PM EDT

Today, State Bank of India said that it had raised its stake in Its indonesian subsidiary  by 99%.

In a filing on the Bombay Stock Exchange, SBI said, "The bank has acquired 23 per cent shares of Bank State Bank of India, Indonesia (BSBII) in a recent deal with P T Ravindo Jaya."

The shares of local partner PT Ravindo Jaya went down to 1% as per the latest holding of BSBII. The name of the bank was also changed. This was after the change in the shareholding pattern. The Tier I capital of the subsidiary stood at 10.40%. Meanwhile, the total capital was at 11.58% at the end of March 31, 2013.

The number of State Bank of India's foreign offices had increased from 123 to 186 at the end of years 2012 to 2013. These offices are located in 34 countries. The offices have 51 branches and 7 Representative Offices. It also has 107 offices of the six foreign banking subsidiaries and 21 other offices.

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