State Bank of India likely to acquire 10 per cent stake in IICC
- ByTejika Bajaj | December 31, 2021
The State Bank of India recently announced that it is planning to acquire a minority stake of 10 per cent in the India International Clearing Corporation for an undisclosed amount. The terms of acquisition still remain unknown as well as undisclosed.
The strategic investment in India International Clearing Corporation is made with the sole aim of strengthening the financial market infrastructure, revealed SBI in a press release held recently.
The State Bank of India further revealed that it aims to complete an acquisition of 9.55% of the stake in the clearing corporation company by March 2022 for a maximum investment amount of INR 34.03 crore.
Reports reveal that IICC is the first ever international clearing corporation which was set up at GIFT-IFSC which acts as a central counterpart party that provides clearing, settlement as well as risk management services to clients. It is a body that clears as well as settles index and single stock derivatives as well as currency derivatives and debt securities.
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