MA Yusaffali, the wealthiest NRI from Kerala, is on a shopping spree in the state's private banking sector. In the past year, Yusaffali (58), managing director of the Abu Dhabi-based EMKE group, picked up shares worth nearly Rs 560 crore in all four Kerala-based private sector banks - South Indian Bank (SIB), Catholic Syrian Bank (CSB), Federal Bank and Dhanalakshmi Bank. All these banks are more than 80 years old and have a considerable clout among Kerala's 25 lakh-strong non-residents based mainly in the Gulf countries. Among the four banks, three are based in Thrissur, the central Kerala district to which Yusaffali also belongs.The EMKE group runs Lulu Hypermarkets, the Gulf's largest retail chain, and Yusaffali is the 39th wealthiest Indian ranked 974th in the world in the Forbes 2013 Billionaire list. The EMKE Group, with a turnover of US$ 4.5 billion, is the largest employer of Indians outside India, numbering 22,000 out of a total workforce of 27,000 spread in 29 nations. Yusaffali has been living in Abu Dhabi since 1973 after he first moved from his native village of Nattika in Thrissur district to Gujarat to do a diploma in business management.Yusaffali's latest pick in Kerala's banking sector was the 2.23 per cent shares at an estimated cost of Rs 63 crore in the 84 year-old SIB based in Thrissur. SIB has 756 branches across the country and its total business in 2013-14 was Rs 78,369 crore, registering a growth of 14.43 per cent.In October last year, Yusaffali bought 4.99 per cent shares in the 87-year-old Dhanalakshmi bank, also based in Thrissur and with a total 570 branches. The bank registered a total annual income of Rs 1,433.30 crore during 2012-13.In July, Yusaffali bought a 4.47 per cent stake in Federal Bank, based in Aluva, Ernakulam district, to become the largest individual shareholder in the bank. The 83-year-old bank has the fourth largest capital base among Indian banks and has 1,124 branches across the country. The bank reported a total business of Rs 1,01,711.57 crore in 2012-2013 as against Rs 86,693.11 crore the previous year.The NRI tycoon's foray into Kerala's private banks began in April when he mopped up 4.99 per cent equity in the Thrissur-based 93-year-old Catholic Syrian Bank, which has strong links to the Syro Malabar Catholic Church. Yusaffali bought the shares at an estimated Rs 35 crore from Thai businessman Sura Chanrichwala, previously the largest individual investor in the bank.EMKE group's first Lulu Mall in India, with a total floor area of 17 lakh square feet and set up with an investment of Rs 1,600 crore, was opened this year in Kochi. The group's Rs 800 crore multi-star hotel and convention centre are under construction in partnership with Grand Hyatt at Bolgatty Palace, Kochi.