India's largest government-owned bank State Bank of India (SBI) has recently acquired 23 per cent more shares of 'Bank State Bank of India, Indonesia', (BSBII) in a recent deal with PT Ravindo Jaya.
In a filing submitted to the Bombay Statock Exchange (BSE), SBI said following the acquisition, it now has 99 per cent stake in the Indonesian bank while 1 per cent stake is held by PT Ravindo Jaya.
SBI, however, did not disclose the acquisition price. As on March-end 2013, SBI’s Indonesian banking subsidiary had 14 branches.