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Catholic Syrian may enter market

Catholic Syrian Bank may launch an IPO during the first quarter of the next financial year. The offer is expected to yield Rs 300 crore and would be opened during the April-June period. The bank plans to utilize the proceeds from the IPO for strengthening its capital base and for development initiatives. It has a capital base of Rs 737 crore and its capital adequacy ratio stood at 11.25% as on 31 March 2014. The bank has 431 branches and 233 ATMs. Meanwhile, MD and CEO of the bank Rakesh Bhatia has resigned from the position for personal reasons. The bank is expected to submit a panel of three candidates to the Reserve Bank of India for appointing a new managing director. One of the candidates is Anand Krishnamurthy, who is currently heading wholesale banking and treasury operations of the bank. He had served as head of balance sheet management and as co-head of global markets business for Middle East, India and North Africa at HSBC. NRI businessman M.A. Yusuf Ali, and financial services company Edelweiss hold 4.99% in the bank. L&T and the Muthoot Pappachan Group also hold stakes in the bank.

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