Fairfax Ropes in Deepak Parekh, Paresh Sukthankar as Advisers to IDBI Bank
· Business · Business Standard
Fairfax India Holdings has appointed former HDFC Chairman Deepak Parekh and former HDFC Deputy Managing Director Paresh Sukthankar as senior advisers to IDBI Bank. The appointments follow Fairfax's ongoing interest in participating in the divestment of the Government of India and Life Insurance Corporation's combined 60.72 percent stake in IDBI Bank. Parekh and Sukthankar bring decades of banking experience from their long tenures at Housing Development Finance Corporation. Their advisory roles will guide Fairfax's strategic approach and potential bid for the lender. The exact financial terms of the advisory appointments remain undisclosed.
Why it matters
The appointments strengthen Fairfax's bid for a controlling stake in IDBI Bank, bringing veteran Indian banking leadership into the privatization process of a major domestic lender.
Read the original report — Business Standard
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