Indian lender IndusInd Bank has entered into an agreement to acquire Royal Bank of Scotland’s (RBS) diamond and jewellery financing business in India along with its related deposit portfolio.
RBS’s India diamond and jewellery financing loan book will add assets of about INR45bn ($721.7m) to IndusInd Bank.
With the acquisition, which is subject to regulatory approval, RBS employees within the business will move to the Indian bank.
The bank has also signed an agreement with ABN Amro Bank for cooperation in diamond and jewellery financing business.
IndusInd Bank managing director and CEO Romesh Sobti said: "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 N.V., one of the oldest banks in Diamond and Jewellery financing."