Jul 27, 2015

IndusInd Completes Formalities for Acquisition of RBS’ Diamond & Jewellery Business

IndusInd Bank announced today that it has completed the formalities  for the acquisition of the Royal Bank of Scotland’s (RBS) diamond and jewellery financing business in India. With this, RBS’ entire diamond and jewellery portfolio has now migrated to IndusInd Bank. This was communicated in a BSE filing during market hours today. The bank also indicated that the loan portfolio acquired from the RBS is to the tune of approximately Rs 4100 crore.

The bank had earlier this year announced its intention to acquire the diamond and jewellery business from RBS on April 10th, subject to regulatory approval.

This acquisition will no doubt strengthen the business of IndusInd Bank within the diamond and jewellery sector multifold, where it already has a growing presence.