Skip to content
Subscriber Only

Struggling Lakshmi Vilas Bank Won’t Fail, Founder Says

  • No exceptional outflow of deposits, says board member Sinha
  • Proposed merger with Clix ‘very much on table’: Founder
Updated on

Lakshmi Vilas Bank Ltd., the capital-starved Indian lender whose shareholders ousted its chief executive officer, will meet its obligations and hasn’t seen deposit outflows, according to its founder.

The Mumbai-listed lender is working to accelerate a proposed merger with private equity fund Aion Capital-backed Clix Capital Ltd., K.R. Pradeep said in a phone interview Wednesday. Pradeep holds 4.9% in LVB and was among seven directors who were ousted on Saturday.