IndusInd completes acquiring RBS’s diamond and jewellery finance business in India

India’s leading bank – IndusInd Bank has completed acquiring the diamond and jewellery financing business portfolio of Royal Bank of Scotland (RBS) in India, reports say. It was in April this year that IndusInd Bank announced having entered into an agreement with RBS for the same, subject to regulatory approval, reports say,

With this deal, IndusInd Bank expects its to strengthen its market share in financing the diamond and jewellery sector. The loan portfolio is around Rs 4,100 crore, reports add.

RBS was looking at exiting its Indian presence following its parent in UK going in for a government bailout post economic global crisis in 2008. RBS had received the nod from Reserve Bank in 2012 to sell its retail banking business to HSBC, and RBS decided to close its business slowly, reports add.