Canadian investment group Fairfax Financial Holdings plans to bring its existing Indian financial services investments under IDBI Bank, creating a diversified financial services group spanning banking, insurance, investment banking and wealth management.
The proposed restructuring follows Centre's approval of the sale of a 60.7% stake in IDBI Bank to Fairfax in a deal valued at Rs 52,878 crore ($5.56 billion), one of the country's largest cross-border banking transactions.