South Indian Bank to acquire 6.67% stake in IBBIC Pvt Ltd for Rs 5 lakh

The South Indian Bank has become one of the initial subscribers to the Memorandum and Articles of Association of IBBIC Private Limited (IBBIC) for a cash consideration of Rs 5 lakh.

Earlier on Friday, Axis Bank also announced that it will acquire a 6.67 per cent stake in IBBIC for Rs 5 lakh.

The South Indian Bank Limited will hold 6.67 per cent shareholding in IBBIC through acquisition of 50,000 equity shares with face value Rs 10 each.

IBBIC is proposed to be incorporated as a  financial technology company with the objective of providing a platform for exploring, building and implementing distributed ledger technology solutions for the financial services sector.