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Fairfax to buy 51% stake in Catholic Syrian Bank

Fairfax Holdings of Prem Watsa is buying 51% stake in Catholic Syrian Bank. The deal, which sets the stage for the first ever takeover of a bank by a foreign institution, has been valued at Rs 140 a share. That translates into a deal value of around Rs12,000 crore. The deal is subject to shareholder and regulatory approvals. Fairfax will acquire the stake through a full equity infusion. The announcement of the deal comes a year after the bank had abandoned talks with Fairfax following differences over valuation. The bank had held talks with other private equity investors and had also explored a qualified institutional placement (QIP) offer.

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