A large foreign bank" is on the verge of picking up minority stake (up to 49 per cent) in Repco Home Finance Ltd, the housing finance subsidiary of Repco Bank, the Chennai-based multi-state co-operative bank.
Mr M. Balasubramanian, Managing Director of Repco Home Finance did not disclose the name of the investing foreign bank because Repco Home has signed a non-disclosure agreement with the party, but said that it was a very large bank with operations in many parts of the world.
As per the terms of a MoU signed at the beginning of the negotiations, the foreign bank has an option of acquiring up to 49 per cent. Soon after the bank gets on board, Repco Home Finance intends to come out with an IPO, Mr Balasubramanian said.
(Source: Hindu Business Line)
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