NRI businessman M A Yusuffali has acquired 4.99% share in Kerala based Dhanlaxmi Bank after purchasing stakes in two other lenders in the state earlier this year. Pursuant to this acquisition, Yusufflai has invested close to Rs 510 crore in just the banking sector in Kerala, this year itself.
Yusuffali had earlier acquired close to 5% stake each in Federal Bank and Catholic Syrian Bank this year. Yusuffali is the founder and Managing Director of EMKE Group which owns the LuLu Group.
Dhanlaxmi Bank is an 84-year old bank with a network of over 275 branches and 460 ATMs covering 160 centers across 14 states, the bank services a broad customer base of 1.6 million. The bank provides a suite of banking products and services to its customers across Retail Banking, Wholesale Banking, Microfinance and Agricultural Lending and Small and Medium Enterprises Group.
