Dubai’s Emirates NBD Bank PJSC and Canada-based Fairfax are reportedly the frontrunners to acquire majority in IDBI Bank.
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ADNAN ABIDI
The United Forum of IDBI Officers & Employees on Saturday said it will continue to wage an intense struggle against privatisation of IDBI Bank until the very end.
In a protest organised in Mumbai, the Forum appealed to Prime Minister Narendra Modi and Finance Minister Nirmala Sitharmanan to preserve the public sector character of IDBI Bank and protect the institution from falling into the hands of foreign capitalists.
The Forum’s members undertook a “Chale Jao” (Go Back) protest at Azad Maidan in Mumbai against the move to privatise the Bank, according to its statement. According to reports Dubai’s Emirates NBD Bank PJSC and Canada-based Fairfax are reportedly the frontrunners to acquire majority in the Bank.
LIC and the Government own 49.24 per cent and 45.48 per cent stake, respectively in IDBI Bank. They are expected to divest 30 per cent of their stake each in the Bank to a prospective buyer via the disinvestment process, which was kickstarted by Department of Investment & Public Asset Management (DIPAM) in October 2022.
Meanwhile, IDBI Bank said it is in receipt of a notice for a strike on August 11, 2025, from the United Forum of IDBI Officers & Employees (All India IDBI Officers Association and All India IDB Employees Association) in support of their “demand”.
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Published on August 9, 2025