State Bank of India, Bank KEB Hana Indonesia, Bank SBI Indonesia sign Shareholder Agreement

Bank SBI Indonesia (BSBII), the overseas Banking subsidiary of State Bank of India in Indonesia has an SBI holding of 99.56% stake. For the purpose of Regulatory compliance of meeting minimum 1% of local shareholding requirement, BSBII has proposed to issue preference shares to PT Bank KEB Hana, Indonesia.

As part of the arrangement, State Bank of India, PT Bank KEB Hana Indonesia and Bank SBI Indonesia have signed Shareholders' Agreement on 10th September 2024, which allows Bank KEB Hana Indonesia to invest in 1% shares of Bank SBI Indonesia by way of preference shares. PT Bank KEB Hana Indonesia is a subsidiary of South Korean financial institution, Hana Financial Group. After induction of Bank KEB Hana as minority shareholder, SBI's shareholding will be 99% in Bank SBI Indonesia.

The Shareholders' Agreement was executed at Bank SBI Indonesia's Head office in Graha Mandiri Building, Central Jakarta, was attended by Ms. Jayati Bansal, Deputy Managing Director (IBG) of SBI, President Director of Bank KEB Hana Indonesia Park Jong Jin and President Director of Bank SBI Indonesia Akash Shambhu Damniwala.

Shares of State Bank of India was last trading in BSE at Rs. 768.30 as compared to the previous close of Rs. 782.60. The total number of shares traded during the day was 521913 in over 14727 trades.

The stock hit an intraday high of Rs. 788.00 and intraday low of 765.65. The net turnover during the day was Rs. 405981348.00.

Source : Equity Bulls

Keywords

StateBankofIndia INE062A01020 BankSBIIndonesia