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CSB Explores Buy Out Options


Catholic Syrian Bank is seeking to buy out a large bank or an old private sector bank. Thrissur based bank said that it is considering all old-generation private sector banks as possible candidates.

CSB Explores Buy Out Options

"With the backing of Fairfax, we do not have any capital constraint and have developed a strong appetite for growth. Over the last two years, we have built leadership capabilities to create and manage a large volume of business. We are the right juncture to create volume. Organic growth takes a longer time, so we are very keen to explore the inorganic route," chief executive CVR Rajendran said to the leading business publication.

The company is looking at bankers where there are no core promoters or are having trouble in raising funds. "It is not necessary that we have to look at banks which are smaller than our size. There can be a situation where we acquire a bigger bank and follow a reverse merger," he added.

The two lenders that may fit the criterion include Karur Vysya Bank and Karnataka Bank.

Karur Vysya Bank's promoters own only 2.11 percent of the lender, while Karnataka Bank is completely public-owned.

Read more about: catholic syrian bank
Story first published: Wednesday, July 22, 2020, 14:33 [IST]
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