Indian Co to acquire Mauritius bank

By agencies   |   Thursday, 31 August 2006, 07:00 Hrs
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NEW DELHI: A Indian company has won a bid to takeover the troubled First City Bank of Mauritius. The company is not a bank but a major financial institution.

This is second Mauritius bank to be acquired by an Indian company in a year. India’s largest bank State Bank of India bought 51 percent stake in the Indian Ocean International Bank last year.

Port Louis headquartered First City Bank has been in trouble since 2004 and there were a clutch of players that were looking to acquire the company.

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