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Private sector lender IndusInd Bank has completed the acquisition with Royal Bank of Scotland’s (RBS) entire diamond and jewellery financing business portfolio migrating to the bank.
“The acquired loan portfolio is approximately Rs 4,100 crore,” the bank said in a statement.
On April 10, 2015, IndusInd Bank had announced it has entered into an agreement with Royal Bank of Scotland to acquire the diamond & jewellery financing business and related deposit portfolio of RBS in India subject to regulatory approval.
This acquisition will enhance IndusInd Bank’s position and market share in its diamond and jewellery financing business. RBS has 20 branches in the country spanning just 10 cities.
RBS has been trying to exit its operations in India since its UK-based parent went into a government bailout after the 2008 global credit crisis.
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 wind down its business gradually.
In August 2013, RBS had also 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 still has its presence in the wholesale business and offers financing, risk management, investment banking, cash, payments, trade finance and wealth management solutions to its clients.
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