IHC, First Abu Dhabi eye stake in Bandhan Bank promoter
Early investors GIC & IFC jointly hold 30% in Bandhan Financial Services (BFSL), keen to exit. PE funds tapped too to gauge strategic interest. BFSL, led by Bandhan founder Chandra Shekhar Ghosh, has been working with advisers Jefferies to find strategic investors for 25-32%.
IHC, a prominent investment firm backed by Abu Dhabi’s national security adviser, is in early-stage talks to acquire a stake in the promoter of Bandhan Bank, Bandhan Financial Services (BFSL). BFSL currently holds a 33% stake in Bandhan Bank, and the discussions aim to provide financial investors with an opportunity to sell their holdings.
The deal could result in an exit for GIC of Singapore and IFC, which together hold 30.3% of BFSL. Other investors include SIDBI, Financial Inclusion Trust, North East Financial Inclusion Trust, and Bandhan Employees’ Welfare Trust. If more shareholders opt to exit, the transaction could be significantly larger. Gulf investors, including First Abu Dhabi Bank and Qatar Investment Authority, are also being considered.
Bandhan Bank, started as a microfinance lender in 2001, now has a loan book of Rs 1.56 lakh crore and total deposits of Rs 1.65 lakh crore. The bank's capital adequacy ratio is 18.2%, and it has 1,988 branches with a customer base of 31.8 million.
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