Fairfax Buys Majority IDBI Stake
Canada's Fairfax Financial Holdings will acquire a majority stake in India's IDBI Bank for 5.56 billion dollars. The cross-border deal involves the sale of a combined 60.7 percent stake by the Indian government and Life Insurance Corp.
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Fairfax Financial Holdings will acquire a majority stake in IDBI Bank for $5.56 billion, marking India's largest cross-border bank deal. The transaction follows a four-year effort by the India government to divest its holdings in the state-backed lender. Foreign financial institutions are increasingly targeting domestic lenders amid strong credit demand and low delinquency rates.
