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Private placement -- Catholic Syrian Bank

protection panel formed

Our Bureau

KOCHI, March 7

THE Archbishop's house of Thrissur has constituted a Catholic Syrian Bank Protection Committee with the Vicar General, Fr. Joseph Kakkassery, as its Chairman.

The committee has voiced its concern over the bank's moves to mobilise Rs. 20 crores through private placement of equity at a price of Rs. 13 per share, a press release from the committee has said. The move will be at the cost of thousands of the bank's shareholders, the release pointed out.

The committee has stated that there are three major shortcomings in the bank today, namely an inadequate capital base, lack of a partnership with a financial institution with both a national and international presence and paucity of technical knowhow.

To overcome these handicaps, the committee has requested all benefactors of the bank to help shore up its capital base. In response, several people have come forward and shown their willingness to enhance the capital base.

The efforts of the bank to forge links with financial institutions of national and international stature have failed in the past and the committee would be against such moves right now.