UAE company has acquired over four per cent stake in India's Development Credit Bank (DCB), marking its entry into the Indian market.
Al Bateen Investment Co LLC (ABI), a unit of the Abu Dhabi-based Al Ain International Group, announced in Abu Dhabi yesterday that it has acquired 4.24 per cent stake in DCB.
ABI invested by subscribing to DCB's preferential issue to a group of institutional investors. These include Tata Capital and the Mauritius-based GRA Finance Corporation.
DCB is one of the fastest growing private sector commercial banks in India.
Nearly 80 years old, DCB currently has a network of 72 branches in India and plans to double that number by 2009.
The Aga Khan Fund for Economic Development is the largest stakeholder in the bank, holding more than a 55 per cent stake.
(Source: Economic Times)
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