NRI businessman acquires 4.99% shares in Dhanalakshmi Bank

NRI businessman M A Yusuffali has acquired 4.99% share in Kerala-based Dhanalaxmi Bank after purchasing stakes in two other lenders in the state earlier this year.

Yusuffali had earlier acquired close to five% stake each in Federal Bank and Catholic Syrian Bank this year, according to a statement by the LuLu Group.

Yusuffali is the founder and Managing Director of EMKE Group which owns the LuLu Group.

With this latest acquisition, Yusufflai has invested close to Rs 510 crore in just the banking sector in Kerala, this year itself.

Commenting on his recent banking investments, Yusuffali said he had always been a "keen investor in Kerala and wishes to play his part in further strengthening these prominent Kerala based banks to make them more competitive in sync with the new generation banks."

Opening more branches in Kerala and Gulf region, upgradation of operation efficiency on par with international standards are some of the key areas, he would focus.

This would ensure not only more employment opportunities for the youth, but also strengthen Kerala's economy to take on new challenges for all-round development, he stated.

He has also announced major plans of investments in the Hospitality sector in Kerala with the launch of much anticipated Grand Hyatt Hotel and convention centre in Bolghatty in Kochi.

Yusuffali said he would continue to invest in Kerala and also urged other NRKs not only to deposit with Kerala based banks but also look at investing in them.

"In my view the current economic scenario is a temporary phenomena and the Indian economy will soon bounce to be a major force in near future," he stated.