Indusind Bank Ltd has informed in a filing to BSE that it has entered into an agreement to acquire Diamond & Jewellery financing business and related deposit portfolio of Royal Bank of Scotland N.V. in India.
The bank has completed the acquisition with the entire business portfolio migrating to the bank. The acquired loan portfolio is approximately Rs 41 billion.IndusInd Bank is a private bank in India and started operations in 1994. It is part of the Hinduja group. The transferred unit is part of ABN AMRO Bank NV's diamond & jewellery clients unit, which was transferred to RBS when it acquired ABN AMRO Bank.
Commenting on the development, an IndusInd Bank Official 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."
Meanwhile, shares of the company were trading at Rs 948.15 a piece, down 0.85 per cent from the previous close at 11:00 hours on BSE.