New Delhi: Private lender IndusInd Bank on July 27 said it has completed acquisition of Royal Bank of Scotland's diamond and jewellery financing business in the country to strengthen its position in the segment. "IndusInd Bank has completed the acquisition with the entire business portfolio migrating to the bank. The acquired loan book is approximately Rs 41 billion (Rs 4,100 crore)," IndusInd Bank said in a BSE filing.
In April, Hinduja Group-promoted IndusInd Bank had said that it has entered into an agreement with Royal Bank of Scotland to acquire the latter's diamond and jewellery financing business in the country for an undisclosed sum. IndusInd Bank is already into diamond and jewellery financing business and this acquisition is expected to enhance its position in the segment.
RBS took a strategic decision to exit its customer facing business in Asia Pacific in 2012. After the Reserve Bank in 2012 allowed RBS to sell its retail banking business to rival HSBC, the UK based bank had said it would close its business gradually. RBS has 10 branches in 8 cities in the country.
In August 2013, RBS had sold its credit card business, mortgage and commercial banking portfolios to mid-sized private sector lender Ratnakar Bank. The deal included acquiring about 1,20,000 customers and employees. RBS has a small presence in the retail market along with interests in wholesale business and offers financing, risk management, investment banking, cash, payments, trade finance and wealth management solutions to its clients.
