New Delhi: Indiabulls Housing Finance today said it will acquire a 39.76 per cent stake in the UK’s OakNorth Bank for $100 million (about Rs. 661 crore).
The company said the acquisition will help it chart a roadmap to a deposit-taking franchise.
“Pursuant to all applicable regulatory approvals from relevant regulators in lndia and the UK… Indiabulls Housing Finance Ltd’ is investing $100 million for 39.76 per cent stake in OakNorth Bank, a licensed UK commercial Bank… the company will be the largest shareholder in the bank,” Indiabulls Housing Finance said in a regulatory filing.
It further said: “Sameer Gehlaut, Chairman of the company, will be investing in his personal capacity up to 10 per cent stake in OakNorth Bank at the same valuation.”
Indiabulls Housing Finance said the investment has been identified and approved by the Strategic Investment Committee for Liability Franchise Development headed by K C Chakrabarty, an independent director on the Board and ex-Deputy Governor of the Reserve Bank of India, specially constituted by the Board for the purpose of creating a practical roadmap to a deposit-taking franchise.
It further said: “Investment in OakNorth Bank will benefit the company with a global platform for building its track record of a deposit franchise in a highly regulated market.
Your email address will not be published. Required fields are marked *
Notify me of follow-up comments by email.
Notify me of new posts by email.
Sign me up for the newsletter!
Bank of India organizes MSME support and Outreach Program
LinkedIn launches a new way to see and discuss trending news
Daimler India Commercial Vehicles powers ahead on sustainable growth track
Bobby Mukherji and Associates designs Lemon Tree Premier hotel in Pune
Access to affordable medical care and National Health Protection Scheme, priority of Government: D V Sadananda Gowda
2014 The Global Indian New Network (TGINN)