Business & Finance - Current Affairs Questions and Answers for Q. 16170
Q. Which company has acquired 40% stake in OakNorth Bank of the UK for USD 100 million on November 11, 2015?- Published on 12 Nov 15a. Indiabulls IHFL
b. LIC Housing Finance Limited
c. PNB Housing Finance Limited
d. None of the above
ANSWER: Indiabulls IHFL
Sameer Gehlaut owned Indiabulls Housing Finance Limited has acquired stake of around 40% in OakNorth Bank, UK for USD 100 million. It has become the largest shareholder of a full service bank. Gehlaut can also buy 10% more in his personal capacity as chairperson at the same valuation. IHFL has now ventured into deposit taking franchise in the UK. The investment has been approved by the Strategic Investment Committee for Liability Franchise Development headed by ex Deputy Governor of the RBI and independent director on board, K. C. Chakarabarty. Total investments of Indiabulls Group in London’s economy will be in excess of INR 4200 crore now.
