State Bank of India (SBI), India’s largest bank said on Tuesday that it has increased its stake to 55 per cent in joint venture Nepal SBI Bank from the earlier 50 per cent. SBI has been alloted 4,37,400 shares in Nepal SBI in a divestment of stakes by Agricultural Development Bank conducted through a competitive bid process, SBI said in a filing to the Bombay Stock Exchange. The total shareholding of SBI in Nepal SBI will reach 55 per cent, after transfer of these shares with due necessary regulatory approvals, it said.
Nepal SBI Bank is the first Indo-Nepal joint venture in the financial sector sponsored by three institutional promoters — SBI, Employees Provident Fund and Agricultural Development Bank of Nepal.
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