Hinduja Group opens talks to pick up equity in UAE bank | GulfNews.com:
The UK’s Hinduja Group confirmed talks are on with two UAE banks to acquire a possible equity stake in one of them, part of a move to expand its already sizeable business operations in this country.
“We don’t do much of minority stakes — if the regulator allows it, we would like to pick up a significant portion,” said Gopichand Hinduja, Co-Chairman of the Group, which has interests spreading from financial services to automotive (the commercial vehicle maker Ashok Leyland), and more recently, in the digital technology realm as well.
“We had many options offered to us in the UAE financial services — we never know what will follow in your lap. You have to look for synergies, you have to do due diligence. The institutions we’re talking to are either not well managed or in need of fresh equity,” said Hinduja, who with his three brothers count themselves among the richest in the world, with a networth estimated at $17 billion (Dh62.44 billion) plus. He was here to helm a shareholders’ meet in Dubai late last week.
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