Fairfax Wins Government Approval to Acquire IDBI Bank
Fairfax Financial Holdings cleared a government hurdle for its planned acquisition of IDBI Bank. The report says unions are pushing back and the lender retains a public-sector culture.
New Delhi, Oct. 16 — Fairfax Financial Holdings has secured government approval to acquire IDBI Bank. Its larger challenge may be within the lender: unions are already resisting, and the bank’s culture remains closer to that of a state-run entity. Banking experts say integration is difficult in any deal, and…