Prem Watsa-promoted Fairfax Financial Holdings has withdrawn its proposal to invest Rs 1,000 crore in buying a 51 per cent stake in the Kerala-based Catholic Syrian Bank (CSB).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