IndusInd to take over RBS’ Indian diamond and jewellery finance unit

Reports in leading media suggest that IndusInd Bank has signed an agreement with Royal Bank of Scotland, for a take over the latter’s diamond and jewellery finance business in India along with its related deposit portfolio, after securing regulatory approval. IndusInd Bank is a leading private sector bank in India.

Pursuant to the take over, the share value of IndusInd Bank saw some encouraging upscale movement of Rs 2.15 (0.23 per cent) over its previous close on BSE, to value currently at Rs 945.15, reports say.

IndusInd has also entered into a partnership agreement with ABN AMRO Bank N.V. for cooperation in diamond and jewellery financing, reports say.

This take over is part of ABN AMRO N.V.'s Diamond & Jewellery Clients housed in Royal Bank of Scotland N.V. acting through its Mumbai branch in India, reports say.

Till the time the loan transfer to IndusInd is not complete, RBS will look into the everyday management of the loans, reports say.