InCred, Aion, Warburg vie for CSB stake:

InCred Finance, backed by former Deutsche Bank co-CEO Anshu Jain, is competing with US private equity giant Warburg Pincus and Aion Capital for a controlling stake in Catholic Syrian Bank after negotiations between the Kerala-based lender and Canadian billionaire Prem Watsa-controlled Fairfax hit a roadblock.

The new set of investors is expected to make formal offers by September, several people with knowledge of the matter told ET.

“Yes, we are talking to a new set of  investors.

Hopefully, within a few weeks, we should be able to start exclusive dialogue with one of them,” said a person with direct knowledge of the process.

The 97-year-old bank is held by Bangkok-based Indian businessman Surachan Chansri Chawla along with a few high net worth individuals and some private equity funds.

Earlier this year, Fairfax made a formal offer valuing the bank at around Rs 1,300 crore.

For more details, kindly click on the following link: