Catholic Syrian Bank (CSB), on Thursday, said it had got the Reserve Bank of India’s permission to sell 4.99 per cent of its stake to Dubai-based Kerala businessman Yusuffali MA, who runs retail chain Lulu Centre in the Emirates.

“We have received the RBI permission to divest 4.99 per cent of the bank’s holding to Mr. Yusuffali. The stake will be sold by the bank’s largest shareholder, Sura Chanrichawla,” CSB Chairman S. Santhanakrishnan said. If the deal goes through, Mr. Chanrichawla can bring down his stake in the 93-year-old Thrissur-based unlisted lender to under 13 per cent from the present 18 per cent.

In February, the bank had sold nearly one per cent of Mr. Chanrichawla’s stake to Rakesh Bhatia for around Rs.6 crore, its new Managing Director, Mr. Santhanakrishnan had said. —PTI