Indian co wins bid for Mauritian bank | Latest News India - Hindustan Times
close_game
close_game

Indian co wins bid for Mauritian bank

None | ByPress Trust of India, New Delhi
Aug 30, 2006 05:46 PM IST

An Indian financial services company has won a bid to takeover the troubled First City Bank of Mauritius.

Offshore acquisition by Indian companies got a shot in the arm with one of them winning a bid to takeover the troubled First City Bank of Mauritius.

HT Image
HT Image

A top Mauritius official told PTI that "an Indian company has won the bid for acquiring majority stake of First City Bank (FCB)."

Hindustan Times - your fastest source for breaking news! Read now.

"The Indian company is not a bank, but from the financial services sector," the official said without giving details.

This is the second Mauritius bank to be acquired by an Indian entity after State Bank of India bought 51 per cent stake in Indian Ocean International Bank last year.

Headquartered at Port-Louis, FCB has been in trouble since 2004 after regulator Bank of Mauritius carried out inspections regarding adherence of prudential norms and prescribed guidelines relating to capital adequacy, lending and liquidity management policies.

Late last year, the Bank of Mauritius had said that it was

monitoring closely the situation at the FCB and would take all necessary action to maintain the confidence of the public in the FCB and banking sector as a whole.

The internal conflicts involving the top management and certain board members of the FCB had come to the fore and there has been public disclosure of customer information.

In fact, the regulator was peeved by the leakage of its report on FCB and had asked the bank to investigate it and take action in this regard.

FCB started operations in May 2002 after having acquired all the banking businesses of the former Delphis Bank, which had 13 branches, 58,000 customers and 200 employees then.

Unveiling Elections 2024: The Big Picture', a fresh segment in HT's talk show 'The Interview with Kumkum Chadha', where leaders across the political spectrum discuss the upcoming general elections. Watch now!

Get Current Updates on India News, Election 2024, Arvind Kejriwal News Live, Bihar Board 10th Result 2024 Live along with Latest News and Top Headlines from India and around the world.
SHARE THIS ARTICLE ON
Share this article
SHARE
Story Saved
Live Score
OPEN APP
Saved Articles
Following
My Reads
Sign out
New Delhi 0C
Friday, March 29, 2024
Start 14 Days Free Trial Subscribe Now
Follow Us On