Ratnakar Bank says to buy several of RBS' India businesses

MUMBAI (Reuters) - Ratnakar Bank will acquire Royal Bank of Scotland's Indian credit cards, mortgage and commercial banking portfolios, it said on Friday.

Ratnakar Bank, a small-sized private sector lender, will acquire about 120,000 customers through the deal. Employees of RBS associated with these portfolios will be absorbed by the bank, it said in a statement without disclosing the deal size.

RBS will continue to operate its corporate and institutional business, and private banking in India, it said.

A plan by RBS, majority owned by the UK government, to sell the Indian businesses to HSBC Holdings Plc had fallen through in November last year.

 

In January, mid-sized private sector lender Yes Bank had said it was interested in acquiring RBS' India retail assets.

The private-equity backed Ratnakar, whose top ranks are filled with pros from Wall Street banks, has a wide presence in western India.

(Reporting by Swati Pandey; Editing by Prateek Chatterjee)