Fairfax Appoints Deepak Parekh, Paresh Sukthankar As IDBI Bank Advisers
Business Standard · business
Fairfax Financial Holdings, set to acquire a 60.72% stake in IDBI Bank, is appointing financial veterans Deepak Parekh and Paresh Sukthankar as advisers. C V R Rajendran, former CEO of CSB Bank, will also advise the lender. Fairfax is also proposing N S Kannan as chairman, subject to RBI approval, while Rakesh Sharma will continue as MD and CEO. The acquisition, valued at $5.6 billion, is expected to close by Q1 2027. Fairfax plans to integrate IDBI Bank with Go Digit Insurance and IIFL Capital Services.