Canadian billionaire Prem Watsa’s Fairfax Financial has agreed to acquire a 51% stake in The Catholic Syrian Bank for a purchase price of INR140 ($2.17) per share.
However, the exact valuation of the total deal was not disclosed.
“Catholic Syrian Bank has taken various initiatives in the past few years to reinvent itself in the highly competitive banking space and the proposed Fairfax India investment will boost these efforts in a substantial manner,” the Indian bank said in its media release.
The Canadian firm executed the deal through its investment holding company, Fairfax India.
Founded in 1920, the Catholic Syrian Bank provides neighbourhood banking, non-resident Indian services, small-to-medium-enterprise and wholesale banking services. The bank manages a network of 430 branch offices and 240 ATMs across India.
The deal is subject to shareholder and regulatory approvals, including approval of the Reserve Bank of India and the Competition Commission of India.