CSB-Fairfax deal: Impressed by new management, Prem Watsa ready to pay more

Watsa, who has always believed in founders and management of the companies he invests in, has said that he restarted talks for the Catholic Syrian Bank deal due to CEO C V R Rajendran's initiatives

In May 2017, after several months of negotiations, billionaire Prem Watsa's Fairfax India Holdings discontinued talks with Kerala-based Catholic Syrian Bank (CSB) to acquire a 51 per cent stake in the bank. Price and valuation were cited as the reason. However, in February this year, the Indo-Canadian businessman decided to return to the negotiation table, this time with a bigger offer. What convinced him? Watsa credits the bank's new management for this.

Watsa, who has always believed in the founders and management of the companies he invests in, has said that he restarted the conversation after seeing CSB MD & CEO