Prem Watsa-owned Fairfax India Holdings Corporation has proposed buying a majority stake in private lender Catholic Syrian Bank.
Fairfax has formally indicated its interest in acquiring 51 percent stake in the bank at a mutually agreed price of Rs 140 per share, CSB said in a media statement today. The exact valuation of the total deal was not disclosed.
The deal is subject to shareholder and regulatory approvals.
“Catholic Syrian Bank has taken various initiatives in the past few years to reinvent itself in the highly competitive banking space and the proposed Fairfax India investment will boost these efforts in a substantial manner,” the media release added.
CSB has 421 branches across the country and is headquartered in Kerala.
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