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LuLu Group Managing Director, Mr. Yusuff Ali M.A. has picked up a 4.47 per cent stake in Federal Bank, thereby becoming the biggest individual shareholder in the Kerala-based lender. The bank has a strong deposit base of non-resident Indians from Kerala.
The stake was purchased from Dubai-based Emirates Financial Services, a subsidiary of Emirates NBD. “Emirates Financial Services was looking for an opportunity to sell the shares and we found a new opportunity in Kerala’s banking sector,” an EMKE Group official told Emirates 24|7.
This is the second time that Mr. Yusuff Ali M.A. has invested in shares of leading Kerala-based banks. Earlier, he had purchased around 4.99 per cent stake in the Catholic Syrian Bank.
Read More : The Indian Express