Indusind Bank To Buy Rbs’s India Jewellery Financing Business
Private sector lender IndusInd Bank entered into an agreement with the Royal Bank of Scotland (RBS) to acquire its diamond and jewellery financing business in India and related deposit portfolio, subject to regulatory approval. RBS had acquired ABN AMRO Bank in 2008 and the latter’s diamond and jewellery clients in India were dealt through RBS Mumbai branch, using the old name. Romesh Sobti, managing director and chief executive officer, IndusInd Bank, said, This acquisition fits nicely into our strategy of creating scale with profitability in select business segments. We are also happy to reach a partnership agreement with ABN AMRO, one of the oldest banks in diamond and jewellery financing. This partnership will be an important pillar for both organisations to stay deeply engaged with customers in the industry globally.