RBI grants approval to IFC for acquiring 9.7% stake in Federal Bank
Banking & Finance
The Reserve Bank of India (RBI) has granted approval to the International Finance Corporation (IFC) to acquire a 9.7 per cent stake in Federal Bank. Earlier this year, the Kerala-based private sector lender had raised 959 crore via preferential issue of shares to the World Bank Group member.‘’The approval has been granted with reference to the application made by IFC to RBI,'' added the bank in its statement. After the central bank's approval, the stake holding is subject to compliance by other regulatory bodies. Federal Bank had said earlier this month it will open 100 more branches this fiscal as part of its increasing focus on lending to small businesses.
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