We will continue to look at financial services: Rana Talwar
CBoP chairman Rana Talwar has initiated the takeover of Centurion Bank through investors led by Sabre Capital.
By TNN |
| Rana Talwar |
CBoP chairman Rana Talwar was former Group CEO at Standard Chartered between 1998 and 2001 before he initiated the takeover of Centurion Bank through investors led by Sabre Capital ��� a fund which was spearheaded by him and a few of his colleagues. ET chats up with Mr Talwar.
There is a feeling that the deal was done in a hurry? The date between the boards��� first meet and the swap ratio was only two days.
It was more because we wanted to avoid speculation. We tried to do one board meeting after the close of the market on Friday and the next one before the market opened on Monday so that the valuers had enough time. But we didn���t disrupt the market. Once we decided to do something why waste time. Also, I was leaving for London and wanted to do it on Monday.
For the first time in India, you have become an acquiree than an acquiror. Is this a change in your image?
I sold many businesses ��� I have sold business for Standard Chartered, for Citi. You need to do what is right for the business, for the shareholders and employees. My image is I took a bust bank and built it into something that we can be proud of. And somebody is willing to pay a lot of money.
There was a feeling that the price was at a discount to the market price instead of slight premium.
What happened was that in these things you have an indication where you want to do it ��� you give some guidance. Before these rumours started, our share price was around Rs 50 and theirs was around Rs 1,600. So therefore, the ratio would have been very favourable to us.
But last week, people started speculating. That shot our price up. It���s a very fair ratio to everyone. When the indicative handshake was done, it was at a premium. After that their share price dropped on Thursday-Friday and ours increased.
What are the future plans for Sabre in financial services in India? Would you still look at the banking space?
We will continue to look at financial services. Let���s digest this one. There is a lot of work to be done here. I would say not for the next couple of months. We can relax for a couple of months and then see what the opportunities are.
What about the global ambitions of Sabre?
We are busy in Africa, Eastern Europe and the Middle East. A senior official from Standard Chartered has joined us as a partner ��� Sherazam Mazari. He was with me in Citi and then in StanChart. His role is to look at banks in Asia, Africa and the Middle East.
He used to be in charge of StanChart���s Africa operation and before that the Middle East. We got a bank in Nigeria ��� FCMB. We got BMI in Bahrain. We are working on a few others Eastern Europe and a couple of other African countries.
There is a feeling that the deal was done in a hurry? The date between the boards��� first meet and the swap ratio was only two days.
It was more because we wanted to avoid speculation. We tried to do one board meeting after the close of the market on Friday and the next one before the market opened on Monday so that the valuers had enough time. But we didn���t disrupt the market. Once we decided to do something why waste time. Also, I was leaving for London and wanted to do it on Monday.
For the first time in India, you have become an acquiree than an acquiror. Is this a change in your image?
I sold many businesses ��� I have sold business for Standard Chartered, for Citi. You need to do what is right for the business, for the shareholders and employees. My image is I took a bust bank and built it into something that we can be proud of. And somebody is willing to pay a lot of money.
There was a feeling that the price was at a discount to the market price instead of slight premium.
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What happened was that in these things you have an indication where you want to do it ��� you give some guidance. Before these rumours started, our share price was around Rs 50 and theirs was around Rs 1,600. So therefore, the ratio would have been very favourable to us.
But last week, people started speculating. That shot our price up. It���s a very fair ratio to everyone. When the indicative handshake was done, it was at a premium. After that their share price dropped on Thursday-Friday and ours increased.
What are the future plans for Sabre in financial services in India? Would you still look at the banking space?
We will continue to look at financial services. Let���s digest this one. There is a lot of work to be done here. I would say not for the next couple of months. We can relax for a couple of months and then see what the opportunities are.
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What about the global ambitions of Sabre?
We are busy in Africa, Eastern Europe and the Middle East. A senior official from Standard Chartered has joined us as a partner ��� Sherazam Mazari. He was with me in Citi and then in StanChart. His role is to look at banks in Asia, Africa and the Middle East.
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He used to be in charge of StanChart���s Africa operation and before that the Middle East. We got a bank in Nigeria ��� FCMB. We got BMI in Bahrain. We are working on a few others Eastern Europe and a couple of other African countries.
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