Dutch state-owned bank ABN AMRO has reportedly filed an application with the Reserve Bank of India (RBI) to again set up banking presence in India.
"The bank is in dialogue with RBI and the regulator is very receptive to the idea. We are keen to continue with the diamond and jewellery business. We will also have trade finance and other banking activities," a senior official of the bank told the Mint.
The report comes even as Royal Bank of Scotland (RBS) is in the process of selling select Asian assets of ABN AMRO that it had acquired in 2007.
ABN AMRO, which has been operating in India since 1920, was bought by a consortium lead by RBS in 2007. It has 31 branches and nearly 10,000 staff in India.
Though ABN AMRO’s banking business was bought by RBS globally, it has not yet been rebranded in India. They continue to operate under the name ABN AMRO Bank.