In the Dhanlaxmi Bank, prominent non-resident Indian (NRI) businessman MA Yusuffali has acquired 4.99 per cent stake. He has also acquired close to five per cent stake each in Federal Bank and Catholic Syrian Bank (CSB) this year itself.
With the stake buy in Dhanlaxmi Bank, he has invested close to Rs 510 crore in just the banking sector in Kerala, this year itself.
Yusuffali's latest move to have the stake in Thrissur-headquartered Dhanlaxmi Bank is very crucial for Kerala’s banking sector. He had bought a 4.99 per cent stake in CSB from Bangkok-based NRI businessman, Chansiri Chawla. Chawla had acquired 24 per cent of the share capital of CSB, ten years back. According to the Reserve Bank of India stipulation, he has to reduce his stake in CSB to five per cent.