The Hindu Business Line : Acacia Partners picks up 3.55 pc in City Union Bank

Sources in City Union Bank confirmed this to Business Line on Wednesday. They said that the pick-up of shares in the market had happened over a period of a month.

Acacia Partners is one of the affiliates of Ruane, Cunniff & Goldfarb Inc, a US-based FII. Ruane, Cunniff & Goldfarb has assets under management of over $14 billion and manages its trademark Sequoia Fund, which is said to have one of the best long-term performance records on the Wall Street.

Acacia Partners LP was in news in the Indian media recently, when Radico Khaitan Ltd announced an issue of cumulative convertible preference shares to it for Rs 92 crore.

In 2005-06, the Kumbakonam-based City Union Bank achieved a total business of Rs 6,068 crore on which it made a net profit of Rs 56.37 crore. This puts the bank ahead of some of its peers, such as Lakshmi Vilas Bank (total business Rs 7,289 crore, net profit Rs 22.47 crore), Catholic Syrian Bank (TB Rs 6,982 crore, NP Rs 6 crore), South Indian Bank (TB Rs 15,949 crore, NP Rs 50.90 crore), ING Vysya Bank (TB Rs 23,567 crore, NP Rs 9.06 crore) and IndusInd Bank (TB Rs 24,316 crore, NP Rs 36.82 crore).

More Stories on : Mergers & Acquisitions | Stocks | Private Banks

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
Internet-based forex service allowed

Rupee weakens against dollar

Muthoot Fin, Penguin Associates tie up

Max NY Life's new products

Max Healthcare set to expand operations

SBH officers' training programme

RBI nominees to stay on PSB boards

Bill gives Govt powers to supercede bank boards

HSBC launches factoring services for SMEs

Bond prices go up

Call rates range-bound

SBBJ raises deposit rate

TMB deposit schemes

Acacia Partners picks up 3.55 pc in City Union Bank

LKB union holds protest demo