Hinduja Group-promoted IndusInd Bank today said it has completed acquisition of Royal Bank of Scotland’s diamond and jewellery financing business in the country.
“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 this year, IndusInd Bank said 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 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.
RBS has merely 20 branches in the country spanning just 10 cities.
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 still retains its presence in the wholesale business and offers financing, risk management, investment banking, cash, payments, trade finance and wealth management solutions to its clients.