SBI has said that it will acquire about 10 percent stake in India International Clearing Corporation
New Delhi:
State Bank of India (SBI) on Thursday said it will acquire around 10 per cent stake in India International Clearing Corporation (IICC).
IICC is the first international clearing corporation established in GIFT-IFSC to act 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 9.95 per cent stake in IICC by March 32, 2022, subject to a maximum investment of Rs 34.03 crore.
The strategic investment in IICC is aimed at strengthening the infrastructure of financial markets, SBI said in a regulatory filing on Thursday.
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