IndusInd Bank specializes in the Diamond and Jewellery financing business and this acquisition will enhance its position.
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.
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.”
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.
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.”
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