SBI hikes its stake in BSBII to 99%

SBI hikes its stake in BSBII to 99%Public sector lender State Bank of India (SBI) has announced that it has acquired 23 per cent more shares of Bank State Bank of India, Indonesia (BSBII), raising its stake in the Indonesian subsidiary to 99 per cent.

In a filing with the Bombay Stock Exchange (BSE), SBI said it bougt the stake in a recent deal with its Indonesian partner P T Ravindo Jaya. However, the largest public sector lender of India didn't disclose the financial terms of the deal.

Confirming the deal, SBI said, "The bank has acquired 23 percent shares of Bank State Bank of India, Indonesia (BSBII) in a recent deal with P T Ravindo Jaya."

SBI's Indonesian partner P T Ravindo Jaya now hold just 1 per cent share in BSBII.

The total number of India's largest bank's foreign offices has jumped from 173 in March 2012 to 186 in 34 countries at the end of FY2012-13.

Following the announcement, SBI shares jumped 0.15 per cent to trade at Rs 1,516.65 apiece. A total of 273,138 SBI shares traded at the BSE on Monday.