India: Fairfax Holdings to acquire 51% stake in Catholic Syrian Bank

Fairfax Holdings CEO Prem Watsa. Photo: Reuters

Prem Watsa-owned Fairfax Holdings Ltd will buy 51% stake in Catholic Syrian Bank, the Kerala-based lender said in a statement on Saturday. The deal, which sets the stage for the first ever takeover of a bank by a foreign institution, has been valued at Rs140 a share. That translates into a deal value of around Rs12,000 crore, according to Mint calculations.

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