Fairfax to Fold Holdings Into IDBI Bank
Fairfax Financial plans to transform IDBI Bank into a diversified financial services group by transferring its insurance and wealth management investments into the lender following its recent stake acquisition.
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FAIRFAX FINANCIAL HLDGS LTD will transform IDBI BANK LTD into a diversified financial services group by folding its insurance and wealth assets into the lender following a 528.78 billion rupee ($5.56B) acquisition, the Canada-based firm said on Thursday. The deal marks one of the largest cross-border banking transactions in India after regulators approved the sale of a 60.7% stake. The restructuring will centralize Fairfax's existing financial operations under a single banking umbrella.
