KPMG to assist government in strategic divestment of IDBI Bank for Rs 1

The near-zero bid could make KPMG one of the largest players in managing deals in the financial services space if IDBI Bank sale is a success

KPMG India has been appointed as the transaction adviser for strategic divestment of IDBI Bank, and the firm will assist the government in the sale for Re 1.

About 7 firms, including KPMG, had bid to act as transaction advisor for IDBI Bank strategic divestment. These were Deloitte Touche Tohmatsu India LLP, Ernst and Young LLP, ICICI Securities, JM Financial Ltd, KPMG, RBSA Capital Advisors LLP and SBI Capital Markets.

KPMG placed the lowest bid of Re 1, and was selected as the transaction adviser, said an official.

The near-zero bid could make KPMG one of the largest players in managing