CONNECT WITH US
Fintech

Fintech

Fairfax to contribute Digit, IIFL Capital to IDBI Bank; proposes ICICI veteran NS Kannan as Chairman

ET BFSI Fintech logo

Published on

Add as a preferred source on Google
Fairfax to contribute Digit, IIFL Capital to IDBI Bank; proposes ICICI veteran NS Kannan as Chairman

Fairfax to contribute Digit, IIFL Capital to IDBI Bank; proposes ICICI veteran NS Kannan as Chairman

Fairfax plans to combine IDBI Bank with its interests in Digit and IIFL Capital to create a unified financial services platform spanning banking, insurance, investment banking and wealth management. Under its proposed leadership plan, IDBI Bank MD & CEO Rakesh Sharma is expected to continue, with former CSB Bank CEO C. V. R. Rajendran joining the leadership group and former ICICI Prudential Life MD & CEO and ICICI Bank CFO N. S. Kannan proposed as Chairman.

Fairfax Financial Holdings and Fairfax India Holdings have been selected as the strategic buyer for a 60.72 per cent stake in IDBI Bank at Rs 81 per share, valuing the transaction at around Rs 52,878 crore. Following the proposed acquisition, Fairfax plans to contribute all of its interests in Go Digit Life Insurance , Go Digit General Insurance and IIFL Capital Services to IDBI Bank, it said in a statement on October 14. Fairfax said its objective is to turn IDBI Bank, over time, into a leading global Indian bank headquartered in India, with the lender offering banking , insurance, investment banking and wealth management services under one platform. Advt

The proposed contribution of Digit and IIFL Capital will be made at their respective market prices, according to Fairfax. The move would give IDBI Bank access to Digit's general and life insurance businesses, while IIFL Capital would add investment banking, institutional equities, wealth and asset management and mutual fund distribution capabilities to the proposed platform.


Source link
Related Topics:Fintech

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We TheMorningPulse.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It's possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.