The silent, sure rise of Prem Watsa in India

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Editor's note: In 2018, Prem Watsa, the Indian-born Canadian billionaire, became the first-ever foreign promoter to gain a controlling stake in an Indian bank. His Fairfax India Holdings acquired 51% of Thrissur-headquartered CSB Bank, a century-old private lender that was deep in the red at the time. Under Fairfax, an insurance and asset management conglomerate, the bank pulled off a turnaround, delivering profits and cleaning up its loan book. Now, Watsa has his eye on government-controlled IDBI Bank.  Finance ministry officials have held preliminary talks with Toronto-based Fairfax and other bidders, The Economic Times reported last week. A deal could involve the government and state-owned Life Insurance Corporation selling a majority of their combined 94.7% stake in IDBI to Fairfax, which could merge it with CSB Bank, according to The Hindu BusinessLine. The finance ministry’s Department of Investment and Public Asset Management has already asked the Reserve Bank of India to begin due diligence on Fairfax as a possible promoter of IDBI Bank, says a public sector bank official, asking not to be named.  A deal—which will likely face strict scrutiny from …