Indian Bank, Canara, Axis, South Indian Bank buy equal stakes in fintech firm IBBIC ...Middle East

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Indian Bank, Canara, Axis, South Indian Bank buy equal stakes in fintech firm IBBIC
source : Devdiscourse ( Middle East ) () 57
Canara Bank, Axis Bank, Indian Bank and South Indian Bank on Friday said they have acquired 6.67 per cent stake each in financial technology firm IBBIC. IBBIC Private Limited is proposed to be incorporated as a financial technology company with an objective of providing a platform for exploring, building and implementing Distributed Ledger Technology (DLT) solutions for the Indian financial services sector, the banks said in separate filings to exchanges. The company name is subject to approval of the Registrar of Companies, Mumbai, they added. All these banks have acquired 6.67 per cent stake each (representing 50,000 equity shares) in IBBIC for a cash consideration of Rs 5 lakh.

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