Government-owned IDBI Bank has received interest from UK’s CDC and Singapore’s GIC to acquire a stake in the bank, its chief executive confirmed on Tuesday. “You are talking about IFC, but there are others — CDC is there, GIC is there, these investors are looking for it (to pick up stake) because they know IDBI is a credible bank,” Kishore Kharat, CEO, IDBI Bank said. ET had earlier reported that the government was in talks with International Finance Corp to sellup to 15% in IDBI Bank. IDBI Bank is also selling shares through a preference issue to LIC that would fetch the bank Rs 1,500 crore. The bank has also set an aggressive three-year target of doubling its business and sharply reducing bad loans, a day after finance minister said he would consider ceding control of the bank. “The finance minister has worded it very clearly, they have the option to bring down the stake below 50%,” said Kharat. “But if we are able to exhibit good performance and transform into a strong bank, they would like to keep the stake at 50%.”
Source: Economic TimesCDC and GIC, too, keen on stake in IDBI Bank: Kishore Kharat.
Industry: Banking 2016-03-02
