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Induslnd Bank going to buy RBS’s India jewellery financing business

Induslnd Bank has agreed to buy Royal Bank of Scotland’s diamond and jewellery financing business in the country. The buying amount has not been disclosed.

RBS’s loan book in diamond and jewellery financing segment is about Rs 4,500 crore and also includes clients of ABN Amro Bank. Simultaneously IndusInd has also entered into an agreement with ABN Amro.

The deal is subject to regulatory approvals, the Bank said.

“This proposed acquisition fits nicely into our strategy of creating scale with profitability in select business segments. The partnership with ABN Amro Bank will be an important pillar for both organisations to stay deeply engaged with customers in the industry globally,” IndusInd Bank head Romesh Sobti said.

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