周四，IDBI银行的股价下跌了6.6%，部分回吐了前一交易日的涨幅。此前印度政府批准了这家银行向费尔法克斯出售控股权的交易，交易总额达55.6亿美元，这也是印度有史以来规模最大的跨境银行并购案。
IDBI Bank shares fell 6.6% on Thursday, partially unwinding the previous session’s gains, after India approved the sale of a controlling stake in the lender to Fairfax in a $5.56 billion deal, the nation’s biggest ever cross-border bank deal.
截至印度标准时间上午10点02分，该股股价为84.45卢比，有望创下一个多月以来的最差单日表现。在宣布出售该银行61%股权的消息公布前，IDBI银行的股价周三一度上涨12.9%，最终收盘涨幅为9%。
The stock was trading at 84.45 rupees as of 10:02 a.m. IST, set for its worst day in over a month. IDBI Bank shares surged as much as 12.9% on Wednesday ahead of the announcement of the sale of a 61% stake in the lender, before ending 9% higher.
“这一消息对银行而言具有重大利好意义，今日市场的反应不过是投资者获利了结而已，”Fident资产管理公司的创始人兼首席投资官艾什瓦里亚·达德希奇说道。
“The news is materially positive for the bank and the market reaction today looks nothing more than a simple case of profit taking,” said Aishvarya Dadheech, founder and CIO at Fident Asset Management.
费尔法克斯将以每股81卢比的价格收购IDBI银行股权。这一价格高于政府根据合理估值确定的每股75.99卢比的基准价，但仍比该银行周三的收盘价低10.4%。
Fairfax will offer 81 rupees per share for IDBI Bank, above the benchmark price of 75.99 per share determined by the government based on fair valuations, but a 10.4% discount to the lender’s closing price on Wednesday.
ICICI证券的分析师指出，此次股权易主有望推动IDBI银行的估值逐步向私营银行水平靠拢，前提是该行的增长势头及盈利水平能有所改善。他们还补充称，若能与CSB银行合并，IDBI银行将增强在南部市场的竞争力并拓展业务网络。
The shift of ownership could support a gradual re-rating of IDBI Bank toward private-bank valuations, subject to improvement in growth and return ratios, according to analysts at ICICI Securities. A potential merger with CSB Bank could add southern-market strength and a more granular franchise, they added.
目前费尔法克斯持有CSB银行的多数股权。根据印度银行业法规，单一投资者不得同时持有多家银行的多数股权。
Fairfax currently holds a majority stake in CSB Bank. India’s banking regulations do not permit one investor to have majority shareholding in multiple banks.
路透社8月份曾报道称，费尔法克斯将获得两年时间通过合并或出售的方式来调整其持股结构。
Reuters reported in August that Fairfax would get two years to consolidate its holdings, either via a merger or a sale.
分析人士表示，外资在印度银行业持股比例不断上升这一趋势对整个行业而言是利好。杰富瑞在报告中指出，IDBI银行的此次收购正是印度金融服务业所有权结构发生变化的典型例证，越来越多的战略投资者正纷纷进入该行业。与此同时，HDFC银行与科塔克·马亨德拉银行等大型印度银行也正在经历高层管理团队的变动。
Banking sector shuffle Analysts say the broader trend of more foreign ownership in Indian banks is positive for the sector. IDBI Bank’s acquisition fits a pattern of changing ownership in India’s financial services industry, with strategic investors increasingly entering the sector, Jefferies said in a note. It comes alongside a churn in top management at large Indian lenders such as HDFC Bank and Kotak Mahindra Bank.
杰富瑞（Jefferies）的分析师表示：“这将使该行业的减员率保持在相对较高的水平，并可能使其竞争态势保持相当强的活力。”
“This will keep attrition levels in the industry relatively high and may keep their competitive positioning quite dynamic,” analysts at Jefferies said.
此次出售交易发生在阿联酋迪拜国民银行（Emirates NBD）投资RBL银行、三井住友银行（Sumitomo Mitsui Banking Corp）投资Yes银行以及三菱UFJ银行（MUFG）投资什里拉姆金融公司（Shriram Finance）之后，这标志着在经历了一段稳健增长和资产负债表清理期后，海外对印度信贷机构的投资正在不断增加。
The sale follows investments by Emirates NBD in RBL Bank, Sumitomo Mitsui Banking Corp in Yes Bank and MUFG in Shriram Finance, signalling growing overseas investment in Indian lenders after a period of steady growth and clean balance sheets.
YES证券（YES Securities）研究负责人希瓦吉·塔普利亚尔（Shivaji Thapliyal）表示：“这是政府和监管生态系统日益倾向于允许外国参与者进入印度银行业又一个例证。”
“This is yet another example that the governmental and regulatory ecosystem is increasingly intent on allowing foreign players in Indian banking,” said Shivaji Thapliyal, head of research at YES Securities.
他补充说，随着印度资金需求的扩大，对信贷机构的外国股权投资有助于为企业、微型中小企业及零售等领域的贷款增长提供资金。
Foreign equity investment in lenders could help finance loan growth across corporate, MSME and retail segments as India’s funding needs expand, he added.