September 2009
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Aga Khan Foundation may hike DCB stake

The Aga Khan Fund for Economic Development (EKFEB), which is the single largest shareholder and holds 49 per cent of Development Credit Bank Ltd equity, is looking at hiking its stake in DCB, post the Government of India notification that the FDI in Indian banks can go up to 74 per cent. “The board meeting of DCB is expected to be held during this month a positive decision is expected on this front,” said H V Sheshadri, managing director & CEO of the bank. Sheshadri, who was in Bangalore to expand its branch network in the city, also announced the bank’s initiatives to be more retail focussed and upgrade its technology back-end. […]

Dabur readies war chest of $250-500 million for acquisitions news

Dabur India, one of India's leading personal care and food products companies, is planning to expand its operations by acquiring firms in the US, Europe, the UAE and Africa. “We are focussing on the Middle East and North Africa (MENA) region, mainly the UAE and Africa… and also looking at companies in Europe and the US where we don't have much of a footprint,” the company's vice chairman Amit Burman told reporters on the sidelines of a conference 'The India Retail Forum' on Thursday. “From the internal accruals and the debt we can raise we are looking at a size of $250-$500 million,” he added. […]

PNB looking to pick up stake in Kazak bank

The country's second largest lender, Punjab National Bank, is in the process of picking up a stake in a small Kazak bank, Metrokombank. PNB has been looking for acquisition in the oil-rich Central Asian state. Sources said the talks are at a very preliminary stage as several things need to be looked into, including regulatory approval. For, the minimum capital requirement for opening a bank in the country is high. The current volume of trade between India and Kazakhastan also does not warrant this kind of investment. Therefore, buying stake in a small bank is a viable option, the sources said. […]