SBI says it will buy about 10% stake in India International Clearing Corporation
New Delhi:
The State Bank of India (SBI) on Thursday said it would buy about 10% of the shares of India International Clearing Corporation (IICC).
IICC is the first international clearing company established in GIFT-IFSC to act as a central partner providing clearing and risk management services.
It clears and settles indices and single stock derivatives, currency derivatives and debt securities.
SBI said it expected to complete up to 9.95% stake, with a maximum investment of Rs 34.03 crore, by March 32, 2022, in the IICC.
SBI said the strategic investment in the IICC is aimed at strengthening the financial market infrastructure.
