EMKE's Yousuffali eyes India bank stake - report

Owner of supermarket chain Lulu eyes 4.99 percent in Catholic Syrian Bank

Yusuffali MA, EMKE Group founder

Yusuffali MA, EMKE Group founder

Abu Dhabi-based businessman Yousuffali MA, owner of the Lulu supermarket chain, is looking to acquire a minority stake in India's Catholic Syrian Bank (CSB), it was reported.

The managing director of EMKE Group has requested permission from Indian authorities to purchase a 4.99 percent in the Kerala-based lender from Sura Chanrichawla, the Economic Times said.

“I’m not a banker and I have no intention to control the bank… but if RBI (Reserve Bank of India) allows it, I will consider buying another 3 percent,” Yousuffali said.

Thailand-based businessman Chanrichawla, the single largest stakeholder in CSB, is being forced to reduce his stake to 10 percent or below by the RBI. The banking regulator has extended the deadline twice in recent years with the current cut-off date set for March 31.

CSB is one of the oldest private sector banks in India. Established in 1920, the lender has a strong presence in rural parts of the country.

Related:
Companies
Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

Please post responsibly. Commenter Rules

  • No comments yet, be the first!

All comments are subject to approval before appearing

Further reading

Features & Analysis
Accounting meets religion in challenge for Islamic banks

Accounting meets religion in challenge for Islamic banks

Reconciling accounting standards and religious principles is...

Banking on reforms in Kuwait

Banking on reforms in Kuwait

As Kuwait stares down its first deficit in 20 years, the Gulf...

Saudis face dilemma between size and pricing in debut bond sale

Saudis face dilemma between size and pricing in debut bond sale

Riyadh is under pressure to maximise the size of its international...

Most Discussed
sponsoredTracking