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Press ReleaseIndusInd Bank enters into an agreement to acquire Royal Bank of Scotland’s Diamond & Jewellery Financing business in India
Posted on Friday, April 10th, 2015 | By IndusInd Bank
Fourth in India
New Delhi, April 10, 2015: IndusInd Bank Ltd. today entered into an agreement with Royal Bank of Scotland N.V. to acquire its Diamond and Jewellery financing business in India and related deposit portfolio; subject to regulatory approval. This is part of ABN AMRO Bank N.V.’s Diamond & Jewellery Clients that is housed in Royal Bank of Scotland N.V. acting through its Mumbai branch in India. The Royal Bank of Scotland N.V. Diamond and Jewellery financing loan book is approximately Rs. 45 billion in size.
Until ownership of the loans transfer to IndusInd Bank Ltd., day to day management of the loan portfolio will remain with Royal Bank of Scotland N.V. Employees within Diamond and Jewellery Clients in India will also move to IndusInd Bank Ltd and will ensure seamless transition of the customer base.
IndusInd Bank specializes in the Diamond and Jewellery financing business and this acquisition will enhance its position. Several members of IndusInd Bank’s senior management had been associated with this portfolio in Royal Bank of Scotland N.V. and prior to that in ABN AMRO Bank N.V. A critical success factor in Diamond Financing is global client knowledge and this is being achieved through a long term Partnership Agreement with ABN AMRO Bank N.V. This strategic relationship will facilitate deeper industry and client insight and in turn lead to improved client servicing, enhanced revenue opportunities and better risk management.
Speaking of the acquisition, Mr. Romesh Sobti, MD & CEO, IndusInd Bank said, “We are happy to have come to an agreement with Royal Bank of Scotland N.V. on acquiring this business. 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. This partnership will be an important pillar for both organisations to stay deeply engaged with customers in the industry globally.â€
About IndusInd Bank
IndusInd Bank, which commenced operations in 1994, caters to the needs of both consumer and corporate customers. Its technology platform supports multi-channel delivery capabilities. As on December 31, 2014, IndusInd Bank has 727 branches, and 1,350 ATMs spread across geographical locations of the country. The Bank also has representative offices in London, Dubai and Abu Dhabi. It enjoys clearing bank status for both major stock exchanges -BSE and NSE -and major commodity exchanges in the country, including MCX, NCDEX, and NMCE. IndusInd Bank on April 1, 2013, was included in the NIFTY 50 benchmark index. IndusInd Bank is ranked 19th amongst the Top 50 Most Valuable Indian Brands 2014 as per the BrandZ Top 50 rankings powered by the WPP and Millward Brown.
Ratings:
- ICRA has rated ICRA AA+ for Bank’s Lower Tier II Bonds and ICRA AA for Upper Tier II Bonds.
- CARE has rated CARE AA+ for Lower Tier II Bonds
- CRISIL has rated CRISIL A1+ for certificate of deposit program
- IND A1+ for Short Term Debt Instruments by India Ratings and Research
- IND AA for Lower Tier II Bonds by India Ratings and Research
- IND AA -for Upper Tier II Bonds by India Ratings and Research
| For more details on this release, please contact: | ||
| Mohit Ganju | Namita Sharma | |
| IndusInd Bank Ltd. | Adfactors PR Pvt. Ltd. | |
| Mohit.ganju@indusind.com/ 0124-4749500 | Namita.sharma@adfactorspr.com 9820950663 | |
