India's first foreign owned bank is preparing for a $58 million IPO

Last year, Toronto-based Fairfax agreed to invest $168 million for a 51% stake in the Syrian Catholic Bank, the first time the RBI allowed a foreign firm to take a majority interest in a local lender

Canadian investor Prem Watsa’s Indian bank has started preparations for a stock market listing this year, its chief executive said.

Catholic Syrian Bank Ltd., in which Watsa’s Fairfax India Holdings Corp. received approval to take a controlling stake, is gearing up for a listing that may involve a Rs 4 billion ($58 million) initial public offering, according to Chief Executive Officer C. VR. Rajendran.
 

Last year, Toronto-based Fairfax agreed to invest $168 million for a 51 percent stake in the bank, the first time the Reserve Bank of India allowed a foreign firm to take a majority interest in a