Lulu Group agrees to buy 4.99% stake in CSB; bank gets new MD
which had been initially promoted by the members of the Church.
The Church had in 2010 blocked attempts of Federal Bank, the largest private bank in Kerala, to take over CSB citing loss of the original identity of the bank promoted by Syrian Catholics from the region. Following this Federal had exited its 4.99 per cent stake in the bank.
The LuLu Group is reportedly building India's largest retail chain in Kochi. The Group is the largest retailer in Dubai and figures amongst the top 10 retail chains globally.
Yusuffali, who moved to the Gulf in the mid-70s, heads the USD 5.5-billion LuLu Group as Managing Director and owns the eponymous hypermarket chain in West Asia.
He is on the boards of Cochin International Airport and the State Government-run company Infrastructures Kerala, among other organisations. He was on the board of Air India till a few years ago.
As on March 31, 2012, CSB had an asset base of Rs 12,047 crore and net profit of Rs 25.9 crore.
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