Indian Bank, Canara, Axis, South Indian Bank buy equivalent shares of IBBIC Fintech Firm

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On Friday, Canara Bank NSE 0.00 %, Axis Bank NSE -0.60 %, Indian Bank NSE 0.00 % and South Indian Bank NSE -2.16 %  said they each acquired a 6.67 % interest in IBBIC, a financial technology corporation.

IBBIC Private Limited is proposed to be integrated as a financial technology company with the goal of offering a forum for the Indian financial services industry to develop, construct and introduce Distributed Ledger Technology (DLT) solutions, the banks said in separate exchange filings.

Indian Bank, Canara, Axis, South Indian Bank buy equivalent shares of IBBIC Fintech Firm

The name of the firm is subject to approval by the Mumbai Registrar of Companies, they added.

All these banks have each purchased 6.67 percent of IBBIC’s interest (representing 50,000 equity shares) for a cash consideration of Rs 5 lakh.

The indicative date for the acquisition to be concluded is December-end, 2020.

In addition, the lenders have confirmed that IBBIC’s business registration application will be sent by the end of this month to the Registrar of Companies, Mumbai.

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