 "NRI takes 5% stake in Dhanlaxmi Bank")
After acquiring close to five per cent stake each in Federal Bank and Catholic Syrian Bank (CSB) this year itself, Yusuffali 's latest move is very crucial for Kerala’s banking sector. He had bought a 4.99 per cent stake in CSB from Bangkok-based NRI businessman, Chansiri Chawla. Chawla had acquired 24 per cent of the share capital of CSB, ten years back. According to the Reserve Bank of India stipulation, he has to reduce his stake in CSB to five per cent.
With this latest acquisition, he has invested close to Rs 510 crore in just the banking sector in Kerala, this year itself.
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Commenting on his recent banking investments, Yusuffali said, “I have always been a keen investor in Kerala and wish to play my small part in further strengthening these prominent Kerala-based banks to make them more competitive and in sync with the new generation banks. Opening more branches in Kerala and the Gulf region, up-gradation of operation efficiency at par with international standards are some of the key areas I will try to focus. This will ensure not only more employment opportunities for our youth, but also will strengthen the state economy to take new challenges for all round development.”
With this latest acquisition he has invested close to Rs. 510 crore in just the banking sector in Kerala, this year itself. He has also announced major plans of investments in Hospitality sector in Kerala with the launch of much anticipated Grand Hyatt Hotel & convention centre in Bolghatty Island in Kochi.
"I have always believed in leading by example, so I will continue to invest in Kerala and also urge other NRKs not only to deposit with Kerala based banks but also look at investing in them. In my view the current economic scenario is a temporary phenomena and the Indian economy will soon bounce to be a major force in near future " he added.