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Yusuf Ali acquires 4.99 percent stake in ESAF Bank

Kochi : Malayali billionaire Yusuf Ali has purchased 4.99 percent shares of ESAF based in Thrissur. Ali shelled out Rs 86 crore for the acquisition.

With this, the Lulu Group chairman co-owns all banks headquartered in Kerala.

Ali’s other share holdings stand at 5 percent in Federal Bank, South Indian Bank, Catholic Syrian Bank and Dhanlaxmi Bank.

ESAF Small Finance Bank was established in 2017. Post the deal, Ali said Small Finance Bank could be helpful in backward areas of the society and has good potential for expansion.

 

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