State Bank of India raises stake in Indonesian subsidiary to 99%.
State Bank of India (SBI) has raised its stake in its Indonesian subsidiary – Bank State Bank of India, Indonesia (BSBII) – to 99 per cent.
“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 bank said in a filing on the Bombay Stock Exchange (BSE).
As per the latest holding structure of BSBII, it said, the local partner P T Ravindo Jaya share came down to 1 per cent. Following the change in the shareholding pattern, the name of the bank has been changed.
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.