IndusInd Bank completes acquisition of Diamond financing unit from RBS India

indusindbankIndusInd Bank said it completed the acquisition of Diamond & Jewellery financing business and related deposit portfolio of Royal Bank of Scotland N.V. in India.

With this, the Bank said, loan portfolio is approximately Rs.41 billion has been transferred to the bank from Royal Bank of Scotland.

IndusInd Bank is a private bank in India and started operations in 1994. It is part of the Hinduja group.

The transferred unit was part of ABN AMRO Bank NV’s diamond & jewellery clients unit, which was transferred to RBS when it acquired ABN AMRO Bank.

“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. We are also happy to reach a Partnership Agreement with ABN AMRO Bank NV, one of the oldest banks in Diamond and Jewellery financing,” IndusInd Bank had said at the time of the announcement of the deal in April.

ABN AMRO was acquired by RBS in 2007.