Sabre Capital Worldwide plans to take over Centurion Bank
By Our Banking Bureau | 24 Apr 2003
Mumbai: Sabre Capital Worldwide, promoted by former Standard Chartered CEO Rana Talwar, is all set to take over the management control of the ailing Centurion Bank. The Sabre Capital investor group will invest Rs 129 crore to acquire a 48-per cent stake in the bank.
The board of Centurion Bank met on Wednesday to approve Sabre Capital's proposal to restructure and recapitalise the bank. But the proposal is subject to approvals by the high court and the Reserve Bank of India, which is expected in four months.
At a press conference following the board meet, Talwar said: "The proposal entails a capital infusion of Rs 319 crore through two phases, reduction of the existing capital of the bank and merger with a foreign bank."
He declined to confirm the name of the foreign bank speculated by the media as Bank Muscat, with a single branch operation in Bangalore and a net worth of Rs 50 crore.