NRI businessman M A Yousuf Ali has picked up a 4.47 per cent stake in Federal Bank,thereby becoming the biggest individual shareholder in the Kerala-based lender.
Ali purchased a 4.47 per cent stake in Federal Bank from Dubai-based Emirates Financial Services,a subsidiary of Emirates NBD,new sportal ‘Emirates 24|7’ said in a report.
Speaking to Emirates 24|7,M A Yousuf Ali said the transaction was completed last week.
Pursuant to the transaction,Yousuf Ali has become the single largest individual shareholder in Federal Bank,which has a strong deposit base of non-resident Indians from Kerala.
M A Yusuf Ali is the Founder and Managing Director of EMKE Group which owns Lulu Hypermarket chain in the Middle East.
“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 Yusuff Ali has acquired shares in leading Kerala banks. A few months ago,he had purchased around 4.99 per cent stake in the Catholic Syrian Bank.