India’s most highly valued banks may soon have a new challenger. The government is finally selling a controlling stake in one of 13 state-backed lenders. Sumitomo Mitsui Financial , Carlyle and Fairfax Financial may each be eyeing some of the 61% stake on offer in $7 billion IDBI Bank , per reports by The Economic Times and Mint. Bidders will be betting private ownership can speed up this turnaround play’s transformation.
Indian banking is a crowded market, though, so IDBI’s new owners will need a strategy that helps it stand out. Its brand and technology platform also could do with an upgrade. Success would give rivals something to worry about – and hand the government a mandate to offload more lenders it has kept under its wing for too long.India on Dec. 14 extended the deadline to submit preliminary bids for the sale of a controlling stake in IDBI Bank to Jan. 7 from Dec. 16. New Delhi intends to sell 30.
Sumitomo Mitsui Financial is one of five potential investors to have sought information from the Indian government about the sale of a 61% stake in IDBI Bank, The Economic Times reported on Nov. 29, citing unnamed sources. Carlyle, Fairfax Financial and DBS Bank are considering bidding for at least 10% each in IDBI Bank, Mint reported on Nov. 7, citing unnamed sources. DBS’s Indian arm said reports of the bank’s interest in the transaction are unfounded, Mint added.Opinions expressed are those of the author. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.
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