SBI has stated it will obtain around 10 percent stake in India International Cleaning CorporationNew Delhi: State Bank of India (SBI) on Thursday said it will acquire about 10 percent stake in the India International Clearing Corporation (IICC).
IICC is the very first international clearing corporation set up at GIFT-IFSC that functions as a central counterparty offering clearing and settlement and danger management services.It clears and settles index and single stock derivatives, currency derivatives and debt securities.SBI stated it is expected to finish approximately 9.95 percent stake, based on an optimum investment of Rs 34.03 crore, by March 32, 2022, in IICC.The tactical financial investment in IICC is focused on strengthening the monetary markets facilities, SBI stated in a regulative filing on Thursday.