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SBI acquires 51 p.c. stake in Mauritius bank

MUMBAI, FEB. 3. As part of its plan to expand overseas, State Bank of India has acquired majority stake in the Mauritius-based Indian Ocean International Bank Ltd. "This is part of our plans to expand overseas,'' the SBI Chairman, A. K. Purwar, told PTI here today.

Though Mr. Purwar declined to comment on the financial deal stating "we will come out with details later,'' bank sources said the deal was worth over $10 million. The country's largest public sector bank has acquired over 51 per cent stake in the retail bank based at Port Louis and has finalised an agreement with the principal shareholder to enable SBI gain management control, SBI informed the Bombay Stock Exchange.

SBI's Deputy Managing Director (International Operations), D. D. Sumitra, has flown down to Mauritius to finalise the deal, sources said. — PTI

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