Canadian billionaire Prem Watsa’s Fairfax Financial has agreed to acquire a 51% stake in The Catholic Syrian Bank for a purchase price of INR140 ($2.17) per share.

However, the exact valuation of the total deal was not disclosed.

“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 Indian bank said in its media release.

The Canadian firm executed the deal through its investment holding company, Fairfax India.

Founded in 1920, the Catholic Syrian Bank provides neighbourhood banking, non-resident Indian services, small-to-medium-enterprise and wholesale banking services. The bank manages a network of 430 branch offices and 240 ATMs across India.

The deal is subject to shareholder and regulatory approvals, including approval of the Reserve Bank of India and the Competition Commission of India.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.