CSB asks RBI for clarity on dealings with Watsa investees

These companies together hold a lot of cross-business opportunities for CSB.

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Once the bank gets clarity from the central bank, it may explore the possibility.
Mumbai: CSB Bank has sought clarity from the Reserve Bank of India on whether it could conduct business with IIFL and Thomas Cook, which are partly owned by the bank’s promoter, Canadian billionaire Prem Watsa.

“We have not done any transactions so far and are very sensitive about related-party transactions and have recently sought some clarification from RBI on that,” managing director CVR Rajendran said. “We have proactively written a letter to them (RBI) asking what kind of businesses we can do (with these entities). Once the bank gets clarity from the central bank, it may explore the possibility.”

Watsa owns more than 35 per cent of IIFL, a holding company for a range of financial services spanning broking, NBFC, housing finance, wealth management, equities, investment banking and insurance distribution. He also owns over 77 per cent in Thomas Cook India. These companies together hold a lot of cross-business opportunities for CSB.

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