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Fairfax Wins Central Bank’s Approval to Take Over Indian Lender Photographer: Norm Betts/Bloomberg *** Local Caption *** Prem Watsa More Value investor Prem Watsas Fairfax Financial Holdings Ltd. won regulatory approval to buy 51 percent of Catholic Syrian Bank Ltd., marking the first time Indias central bank is allowing a foreign investor to purchase a majority stake in a domestic lender. Catholic Syrian, based in Thrissur in south Indias Kerala state, received notification of the approval Thursday from the Reserve Bank of India,director T.S. Anantharaman said in a phone interview.The96-year-old Indian lender must now send a list of valuation companies, which can produce an estimate of Catholic Syrians worth, tothe central bank for their selection before proceeding with discussions, he saidFriday. More from U.S. Strikes Back at Russia for 2016 Election Interference The lenders board can then negotiate a deal price with the Canadian investment firm based on the valuation report, Catholic Syrian Director S. said by phone. The parties will need to reach a final agreement within three months of the valuation company being chosen, according to Anantharaman. click this siteThe approval for Fairfax to acquire a stake is a game-changer for banks and for Catholic Syrian Bank, Santhanakrishnan said. Representatives forFairfax and the RBI didnt immediately respond to e-mails seeking comment. Indias Mint newspaper reported the RBI approval earlier Friday, citing unidentified people.

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