CSB to amend Articles of Association to give board seats to Fairfax

Fairfax agreed to invest around Rs 12 billion in the bank

Catholic Syrian Bank (CSB) has decided to make changes in the article of association to pave way for Fairfax, which picked up a 51 per cent stake in the bank, to get two seats on the board, including the post of Chairman. 

According to the amendment, Fairfax would have a minimum of two directors always and there should be at least one Fairfax representative in all the committees.

If the representation is not there in the first meeting, the meeting should be postponed and if they cannot participate in the postponed meeting also, then the committee is allowed to