Bangalore: Russia's final approval is expected to launch operations in Moscow of "Commercial bank of India", the joint venture between State Bank of India and Canara bank, a top Canara bank official said on May 12.

"We are ready and have already posted the manpower. We are awaiting Russian government's approval," Canara Bank Chairman R V Shastri told reporters in Bangalore.

He said SBI will have a 60 per cent stake in the JV while the remaining 40 per cent would be vested with Canara Bank.

Shastri said SBI would invest $ 12 million in the $ 20 million Commercial Bank of India, while Canara Bank would invest $ eight million.

He said Canara Bank was awaiting approval from the Reserve Bank of India to open its representative office at Shanghai in China.

Shastri said the Hong Kong Monetary Authority's clearance was expected for starting a branch at Hong Kong.

"We expect the clearance by the end of this year, from the clearance date, it will take six to seven months for starting the operations," he said.

PTI