Federal Bank announced that the Reserve Bank of India vide letter dated 05 October 2018 has approved the acquisition of 26% equity stake of Fedbank Financial Services (subsidiary of the Bank) by True North Enterprises. According agreements entered into in May 2018, True North can further acquire additional equity shares of Fedbank Financial Services, constituting upto 45% of the share capital in the Company, on such terms as stated in the Transaction Documents.
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