Unions at IDBI Bank announce a two-day strike in protest of the deal to acquire more than 60% of its s

IDBI Bank's labor union has announced a two-day nationwide strike to protest the bank's privatization after Canada's Fairfax Financial won the bid to acquire a stake exceeding 60% in the Indian lender, CNBC reported. The Indian government selected a Fairfax subsidiary as the strategic buyer on October 14 in a deal worth approximately $5.5 billion, under which the government will sell its 30.48% stake and state-owned insurer LIC will sell its 30.24% stake. Following the sale, the government's and LIC's holdings will fall to 15% and 19%, respectively. The union is demanding cancellation of the privatization process and measures to strengthen the bank, while Fairfax noted that a definitive agreement has not yet been signed and that the buyer remains subject to eligibility review by the Reserve Bank of India. Watch for the final share purchase agreement, RBI approval, and the timing and impact of the planned strike.