Catholic Syrian Bank seeks RBI nod for divesting further stake

The promoters of private sector Catholic Syrian Bank have sought the Reserve Bank's nod for divesting further stake in the bank to a UAE-based businessman, a top bank official said today.
Siam Vidhya Group, promoted by Bangkok-based Non-Resident Indians, had acquired 36.18 per cent equity shares of the city-based bank in 1994. In May 2012, the holding of stakes by the Group declined to 17.99 per cent, said Catholic Syrian Bank Managing Director and Chief Executive Officer Rakesh Bhatia.
Last April, out of the 17.99 per cent stake held by Siam Vidhya Group, 4.99 per cent had been sold to Abu-Dhabi based EMKE Group promoted by Yusufali M A, he added.
"The proposal for further transfer of three per cent stake (from Siam Vidhya Group to EMKE Group) has been submitted to the Reserve Bank of India about two months ago", he told PTI.

Sandip Ginodia

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