Thursday, 14 February 2013

Yusuffali MA seeks RBI nod to buy 4.99 % stake in Catholic Syrian Bank

One of the richest Indians in the Gulf is knocking on the doors of the Reserve Bank of India (RBI) to buy a minority stake in Thrissur-headquartered Catholic Syrian Bank (CSB).
Kerala-born Yusuffali MA, who heads the $5.5-billion LuLu group that owns the eponymous hypermarket chain in the Middle-East, has sought the central bank's permission to purchase 4.99 per cent equity in the old private lender from Sura Chanrichawla - the Bangkok-based businessman who controls the single largest bloc of shares in the unlisted bank.

Sandip Ginodia
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