(Bloomberg) -- Many analysts are predicting that the cash crunch at China Evergrande Group is unlikely to become China's version of the 2008 Lehman Brothers crash. The world's richest banker begs to differ.
“Evergrande seems like China's Lehman moment,” Uday Kotak, chief executive officer and founder of Indian lender Kotak Mahindra Bank, said in a tweet.
Evergrande Crisis Isn't China Lehman Moment for Citi, Barclays
Kotak is worth $16.5 billion, according to the Bloomberg Billionaires Index, making him the 120th-richest person in the world.
Kotak also likened the crisis at Evergrande to the collapse of India's Infrastructure Leasing & Financial Services Ltd. The Indian government chose him to oversee the restructuring of the distressed shadow lender three years ago after it defaulted on debt repayments.
©2021 Bloomberg L.P.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
