The private sector bank headquartered at Thrissur Kerala changes its name into CSB Bank. The has made this decision just before the launch of its public issue of shares.
Earlier ‘Ratnakar Bank’, based at Maharastra has changed its name into RLB bank. The bank has made this important decision to avoid any possible loss of business by mistaking its name – as it refers to a religious community-.
The bank has sought permission from shareholders to change the name. The bank has send letters to all share holders regarding this. The first public issue of its shares will be in September. The shares of bank will be listed in stock-exchanges in India.
The Canadian company ‘Farefax’ has buyed the 51% shares of the bank. The bank also sought permission to raise the foreign investment to 74%.