February 18, 2010, Asian News - The Kerala Catholic Church in Kerala has raised Rs 250 crore ($54 million) to buy a substantial stake in Catholic Syrian Bank (CSB), which is on the radar of rival Federal Bank.

The development comes after the Catholic community, primarily the Syrian Catholics, recently goaded Thrissur Archbishop Andrews Thazhath to form an action committee under the banner of CSB Protection Committee and made him its chairman, the India Times reports.

The Church has already garnered Rs 250 crore from NRI investors from the state to buy a substantial stake in the bank. The move is aimed at “protecting” the interests of Christian community.

“The CSB Protection Committee has already garnered significant support from the community and has collected Rs 250 crore so far,” committee general convener Johny Chandy said.

“We have mobilised Rs 250 crore from various investors and have commitments from four other parties to put in Rs 25 crore each. This should enable us to buy around 30% stake in the bank,” CSB Protection panel convener Mr Chandy said.

The CSB Protection Committee is holding talks with various parties to raise necessary funds, Mr Chandy said, adding it has kept RBI informed about its plans. “We are confident that we will succeed in our efforts in the next few months,” Mr Chandy informed.

The Church already enjoys a significant control over the bank through various investors, who would stand for community’s interest.

After Federal Bank announced its plan to take over CSB, the Syrian Catholic Church in general and the Thrissur Archdiocese in particular, were riled at the move and were very vocal in opposing it