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IndusInd Bank acquired RBS’ diamond & jewelry biz

IndusInd Bank has entered into an agreement with Royal Bank of Scotland to acquire the latter’s diamond and Jewelry financing business in India and related deposit portfolio. This is part of ABN Amro Bank’s diamond and jewelry clients that is housed in Royal Bank of Scotland acting through its Mumbai branch in India. The bank’s financing loan book is approximately Rs 45 billion in size. Until ownership of the loans transfer to IndusInd Bank day to day management of the loan portfolio will remain with RBS. Employees within the unit in India will also move to IndusInd Bank and will ensure seamless transition of the customer base. IndusInd Bank specializes in the diamond and jewelry financing business and this acquisition will enhance its position. Romesh Sobti, MD & CEO, IndusInd Bank said the acquisition fits nicely into the bank’s strategy of creating scale with profitability in select business segments. The bank likes this business and has a deep insight into the industry.

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