Prem Watsa, the Indian-born founder of Canada’s Fairfax Financial, arrived in Canada in 1972 with, by his own often-told account, just eight dollars to his name. Today, at 76, he is worth about US$2.8 billion, according to Forbes. Through Fairfax, he has also quietly become one of the most important foreign investors in the Greek economy.
From Hyderabad to Toronto
Watsa was born in Hyderabad, India, on 7 August 1950, according to The Canadian Encyclopedia. He graduated in chemical engineering from IIT Madras in 1971.
The following year, he moved to London, Ontario, to live with his brother and study for an MBA at the University of Western Ontario. He paid his way by selling stationery, gifts and appliances door to door, the Financial Post reported.
Read more: Stournaras: Greece welcomes greater foreign investment in banks
In 1985, he took control of a struggling insurer and turned it into Fairfax Financial Holdings, which he still chairs and runs as chief executive. His long-term, value-driven approach has long earned him the nickname “Canada’s Warren Buffett”.
Betting on Greece when others fled
Fairfax first came to Greece in 2012, at the height of the debt crisis, when it bought into Eurobank Properties, the real estate company later renamed Grivalia.
Then, in April 2014, Fairfax led a group of investors that backed Eurobank’s €2.864 billion recapitalisation, committing €400 million of its own, Carrier Management reported. By May that year, it held 8.77% of the bank, at a time when many foreign investors were heading for the exit.
Two years later, in 2016, Fairfax and Canadian pension fund OMERS bought 80% of Eurobank’s insurance arm, Eurolife. Grivalia, meanwhile, was later merged into Eurobank, adding to Fairfax’s position in the bank.
Cashing in, and reinvesting
The patience has paid off. In January 2025, Fairfax sold 80 million Eurobank shares, about 2.2% of the bank, at €2.33 each, Eurobank announced. The sale raised about €186 million.
However, Fairfax described the placement as a “mandatory technical adjustment” to keep its holding just below 33%. It added that it would remain a “long-term, committed reference shareholder” of the bank.
Later in 2025, Fairfax sold DIY chain Praktiker Hellas to Romania’s Pavăl Holding, the owner of Dedeman, ot.gr reported.
Then, in May 2026, Eurobank agreed to buy the 80% of Eurolife Life it did not already own from Fairfax-controlled entities, for about €813 million, the bank said. Fairfax keeps its 80% of Eurolife’s general insurance business.
A second wave: Metlen and ANT1+
Rather than taking his money out, Prem Watsa has kept investing in Greece.
In March 2023, Fairfax agreed to take a 15% stake in ANT1+, the streaming platform of Antenna Group, through a share capital increase, Naftemporiki reported.
Fairfax has also built a holding in energy and metals group Metlen. In March 2025, it agreed a €110 million exchangeable bond with the company. “We are excited to further increase Fairfax’s investment in METLEN,” Watsa said at the time, according to Metlen.
Goody’s, Everest and Flocafe
Most recently, on 14 October, Vivartia announced it would sell 100% of Evergood, its food services business, to Recipe Unlimited Corporation, Kathimerini reported. Recipe, Canada’s largest full-service restaurant company, has been wholly owned by Fairfax since October 2022.
Evergood runs more than 575 restaurants under the Goody’s Burger House, Everest, Flocafe Espresso Room, La Pasteria and Jackaroo brands, Recipe said. Its outlets range from high streets and shopping centres to airports, motorways and ferries.
In 2025, Evergood’s sales rose 13.1% to €299.6 million. Neither side disclosed the price, but Capital.gr put the deal at around €300 million. The sale still needs the usual regulatory approvals before it can be completed.
Eurobank remains the crown jewel
Eurobank is still the centrepiece of Fairfax’s Greek portfolio. Fairfax holds 1,186,363,895 shares, or 32.67% of the bank, according to Eurobank’s shareholder data.
At Friday’s closing price of €4.148, that stake is worth about €4.9 billion.
In Metlen, Fairfax holds about 8.35%, or 11,938,047 shares, according to its latest notification to the company. At Friday’s close of €46.94, that holding is worth about €560 million.
Prem Watsa, “Canada’s Warren Buffett”
It is easy to see why the Buffett comparisons have stuck. Watsa modelled Fairfax on the success of his idol, according to Forbes. Moreover, in Greece, he bought when others were selling, held on through the crisis, and is now reinvesting the profits in the country’s economy.
