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ABN AMRO proposes to enter Indian market
Has received in-principle approval for this
By: Diamond World News Service
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Mar 27 2015 8:20AM
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Reference: 11311  

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The Indian gem and jewellery sector may be encouraged with procuring finances, if ABN AMRO Bank’s proposal to set up a wholly-owned subsidiary in India, materializes. The Bank has applied to the Reserve Bank of India for setting up its operation in India, and has received an in-principle’ approval for the same, reports say. The Bank intends to primarily serve the Indian gem and jewellery sector with this office, reports add.

This is not the first foray of the bank into India, rather a return. In 2007 its parent company ABN AMRO Holdings NV was taken over by a consortium which led to a re-organisation of its business in 2009, reports say. ABN serves the global gem and jewellery business through its International Diamond and Jewelry Group (ID&JG) arm. This business fell under the ABN AMRO Bank NV offerings globally and was under Royal Bank of Scotland (RBS) NV in India. With RBS announcing its exit from Asian markets and also from India, in the current year, ABN intends to bring the ID&JG business into India, reports add.

The Apex body for India’s gem and jewellery industry, the Gems and Jewellery Export Promotion Council (GJEPC) has requested the Indian government to permit ABN Amro bank to establish its business in India, reports say.

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