IndusInd Bank Completes Acquisition of RBS Diamond and Jewelry Business
July 27, 15(IDEX Online News) – IndusInd Bank today (Monday) announced that is has completed its acquisition of the diamond and jewelry financing business of Royal Bank of Scotland N.V. in India.
The acquired loan portfolio is approximately Rs.41 billion ($638 million).
The deal was first announced in April.
Several members of IndusInd Bank’s senior management had been associated with the diamond and jewelry portfolio in Royal Bank of Scotland N.V. and prior to that in ABN AMRO Bank N.V.
IndusInd Bank already operates in the diamond and jewelry financing sphere and said when the deal was first announced that the acquisition would enhance its position.
“We are happy to have come to an agreement with Royal Bank of Scotland N.V. on acquiring this business,” said IndusInd Bank MD and CEO Romesh Sobti at the time of the initial announcement.
“This acquisition fits nicely into our strategy of creating scale with profitability in select business segments. We like this business and have a deep insight into the industry.”