EMKE's Yousuffali eyes India bank stake - report

  • Share via facebook
  • Tweet this
  • Bookmark and Share
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!

Enter the words above: Enter the numbers you hear:

All comments are subject to approval before appearing

Further reading

Features & Analysis
Shuttered banks, ATM queues and $77 daily limits: Greece plunges into crisis

Shuttered banks, ATM queues and $77 daily limits: Greece plunges into crisis

Breakdown in talks between Athens and its creditors plunged the...

Malaysia fund's $4.5bn rescue may weigh on Abu Dhabi's IPIC

Malaysia fund's $4.5bn rescue may weigh on Abu Dhabi's IPIC

International Petroleum Investment Co came to the aid of Malaysia...

Debt market beckons as Saudi bourse opens to foreigners

Debt market beckons as Saudi bourse opens to foreigners

Corporate bond issuance in the kingdom is the most active in...

Most Popular
Most Discussed