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Private sector lender IndusInd Bank has completed the acquisition of the diamond and jewellery financing business and related deposit portfolio of Royal Bank of Scotland (RBS).
The bank, in April this year, had said that it would be acquiring RBS' bullion financing business. "IndusInd Bank has completed the acquisition with the entire business portfolio migrating to the bank. The acquired loan portfolio is approximately Rs 4,100 crore," the lender said in a release.
In 2008, RBS had acquired ABN AMRO Bank and the latter's diamond and jewellery clients in India were dealt through RBS Mumbai branch. The lender had said employees within the diamond and jewellery clients in India would also move to IndusInd Bank and ensure seamless transition of the customer base.
This sell-off comes on the back of RBS deciding to exit banking operations in the country. However, it will be retaining its back office.
In May 2013, the lender had announced it had started the process of consolidating its retail and commercial banking business in India. As a result, RBS had shut 23 of its 31 branches in India. It had also sold off its credit card business, mortgage and commercial banking portfolios to RBL Bank.
