Fairfax calls off CSB deal, differences crop up over valuation

Prem Watsa-promoted Fairfax Financial Holdings has withdrawn its proposal to invest Rs 1,000 crore in buying a 51 per cent stake in the Kerala-based Catholic Syrian Bank (CSB).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