RBI gives approval to Catholic Syrian Bank’s part-time chairman

The RBI approved the appointment of Madhavan Menon as Part-time Chairman of the Catholic Syrian Bank (CSB) for a period of one year from the date of appointment

Menon is currently the chairman and managing director of Thomas Cook India.

Earlier, Fairfax had nominated Menon and Sumit Maheshwari, MD & CEO of Fairbridge Capital (owned by the Fairfax Financial Holdings) to the CSB board.

CSB and FIH Mauritius Investments Ltd (FIH-M) entered into an investment agreement in February 2018. The agreement was modified on October 15, 2018, and pursuant to which, Fairfax agreed to acquire shares of up to 51 per cent of the post issue paid-up capital of the bank.