Business Standard

Friday, December 20, 2024 | 12:19 AM ISTEN Hindi

Notification Icon
userprofile IconSearch

Fairfax calls off CSB deal, differences crop up over valuation

With the deal called off, the bank might have to find another investor, sources said

Prem Watsa, Fairfax
Premium

Fairfax Financial Holdings Ltd. Chairman and Chief Executive Officer Prem Watsa. Photo: Reuters

T E Narasimhan Chennai
Prem Watsa-promoted Fairfax Financial Holdings has withdrawn its proposal to invest Rs 1,000 crore in buying a 51 per cent stake in the Kerala-based Catholic Syrian Bank (CSB).

With the deal called off, the bank might have to find another investor, sources said. CSB would need to seek approval from regulators and finalise a valuation, which would take several months, they added.

“We have not heard anything specifically from Fairfax. The valuation has been a concern between the parties, but work is in progress,” CSB Chairman TS Anantharaman said. Sources in the bank, however, confirmed that the deal

What you get on BS Premium?

  • Unlock 30+ premium stories daily hand-picked by our editors, across devices on browser and app.
  • Pick your 5 favourite companies, get a daily email with all news updates on them.
  • Full access to our intuitive epaper - clip, save, share articles from any device; newspaper archives from 2006.
  • Preferential invites to Business Standard events.
  • Curated newsletters on markets, personal finance, policy & politics, start-ups, technology, and more.
VIEW ALL FAQs

Need More Information - write to us at assist@bsmail.in