HOME > BUSINESS > IndusInd Bank completes acquisition of Diamond financing unit from RBS India

IndusInd Bank completes acquisition of Diamond financing unit from RBS India

indusindbankIndusInd Bank said it completed the acquisition of Diamond & Jewellery financing business and related deposit portfolio of Royal Bank of Scotland N.V. in India.

With this, the Bank said, loan portfolio is approximately Rs.41 billion has been transferred to the bank from Royal Bank of Scotland.

IndusInd Bank is a private bank in India and started operations in 1994. It is part of the Hinduja group.

The transferred unit was part of ABN AMRO Bank NV’s diamond & jewellery clients unit, which was transferred to RBS when it acquired ABN AMRO Bank.

“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 NV, one of the oldest banks in Diamond and Jewellery financing,” IndusInd Bank had said at the time of the announcement of the deal in April.

ABN AMRO was acquired by RBS in 2007.

Follow ULTRA.news
Eris Lifesciences completes acquisition of Strides Shasun India generics ops Pharma company Eris LifeSciences said it has completed its purchase of the India branded generics of Strides Shasun for Rs 500 cr in cash."We now wish to confirm that the transaction ahs achieved closure," said Eris Lifesciences.Last month, Strides Shasun said it was sel...
NPA crisis: We’re not out of the woods yet – SBI official A senior State Bank of India official warned against assuming that the bad loan malaise affecting the Indian banking sector has started declining.Praveen Kumar Gupta, MD in charge of retail and digital banking, said one cannot directly draw conclusions by extrapolating trend...
RCom says majority of lenders oppose China bank’s insolvency petition Reliance Communications, the embattled telecom service provider from the Anil Ambani stable, said a majority of its lenders opposed the move by China Development Bank to move ahead with insolvency proceedings on the company.“At a Committee of Financial Creditors Meeting on 2...
Exchanges seek clarification from Bharti Airtel on Aadhaar misuse charges Stock exchanges in India have sought a clarification from India's largest telecom company by revenue, Bharti Airtel, on a report that it was under investigation by a government agency for allegedly misusing customer data to open bank accounts in their names."(The) exchange ha...
Infosys launches inter-bank blockchain network Infosys said it launched Finacle Trade Connect, a network-based system of distributed record keeping for banks based on the block chain technology.A blockchain-based record is open to all participants and all participants have a copy of all the data. Moreover, all transactio...
Tata DoCoMo users get Airtel network, but not the tariff plans yet Bharti Airtel and Tata Teleservices said they have started moving customers of Tata DoCoMo to the Bharti Airtel network using what is called an 'intra-circle roaming' or ICR agreement.This essentially means that Tata Teleservices will continue to operate a network in a techn...
Strides Shasun says Eris deal to help reprioritize business, lower debt Pharma major Strides Shasun said it agreed to sell its India branded generics business to Eris LifeSciences Limited for Rs 500 cr in cash."This transaction is the outcome of the company's portfolio reprioritization, to focus more sharply on larger regulated markets," it said...
PVR acquires stake in US luxury theater chain iPic PVR Limited, India's largest theater chain, said it agreed to acquire a minority stake in US-based luxury restaurant-and-theater company iPic-Gold Class Entertainment, LLC.The US company operates 16 luxury theaters with 121 screens across 10 States in the United States, PVR s...
SSG Capital increases stake in Cox & Kings group Cox and Kings said Private Equity firm SSG Capital acquired the 34.42% stake held by Rohatyn Group in its subsidiary Prometheon Holdings (UK) Limited. SSG Capital Group also owns 2.72% stake in Cox & Kings Ltd.Prometheon Holdings is the Holding company of Holidaybreak, which...
Tata Teleservices loses 7.3% subscribers in October in Maharashtra Tata Teleservices, the mobile telecom arm of the Tata Group that was sold to Bharti Airtel last month, lost about 7.3% of its nearly 7 mln mobile subscribers in Maharashtra and Goa, according to a regulatory filing by the company.Tata Telservices Maharashtra Ltd, as the compa...
American Tower Corp buys towers of Idea and Vodafone in India for $1.2 bln Vodafone India and IdeaCellular Ltd said they agreed to sell their standalone tower businesses in India to the local unit of American Tower Corp for an aggregate enterprise value of Rs 7,850 cr (US $1.2 billion).In case the sale is completed before the merger of Vodafone Ind...
Just Dial says no acquisition proposal from Google ‘yet’ Just Dial, the local classifieds company, said it "does meet relevant corporates for exploring any business or strategic opportunities and tie-ups", but there is no proposal to be acquired by Google "as of now".The statement came in response to a report in the Business Stand...
TeamLease buys 40% of education technology start-up Schoolguru TeamLease Services, one of India’s largest staffing companies, said it has agreed to acquire 40% of Schoolguru Eduserve Private Limited, an Online Learning company that works with 18 Universities.Established in 2012, Schoolguru provides services to Indian Universities to help...
RCom says still talking to Brookfield, others to sell towers Reliance Communications said it is in talks with several parties, including Brookfield Asset Management, to sell its tower assets."The Company is renegotiating the tower transactions with all the interested parties including Brookfield Infrastructure Group," it said.The...
Ruchi Soya Industries sold to Devonshire Capital Ruchi Soya Industries said global private equity player Devonshire Capital will buy 51% of the company and 100% of certain of its 'branded packaged oils distribution business'.The money will be substantially utilized for payment to all lenders over a period of time, it said. ...
UFO Moviez, Qube announce merger, ratio 64:36 Two of India's top satellite-based cinema feed providers, UFO Moviez and Qube Cinema Technologies, have decided to merge to take advantage of higher scale.The merger ratio and valuation will be 63.6% for UFO and 36.4% for Qube Digital.Currently, UFO supplies its movie fee...
IDBI Bank losses narrow, NII rises 18% QoQ IDBI Bank said Net Interest Income for September quarter improved by 3.63% compared to previous year and 18.19% compared to the June quarter.Net Interest Margin (NIM) stood at 2.17% for QE Sept 2017 showing improvement of 27 basis points as compared to QE Sept 2016 and 45 ba...
Alembic Pharma buys US-based generics manufacturer Alembic Pharmaceuticals said it bought New Jersey-based generic drug developer Orit Laboratories LLC, which will bring seven approved generics and four applications with it.Orbit has "a team of eight highly experienced scientists," Alembic said, adding that the firm focuses ...
RCom to issue shares to MTS, to pay earn-out fees in case of 4G conversion Reliance Communications said it the company's board has approved the issue of fresh shares in the company to the shareholders of Sistema Shyam Teleservices Ltd, which operates the MTS brand of telecom services in India.RCom's merger with MTS received the government's approva...
Bharti Infratel to try to buy Vodafone & Idea stake in Indus Towers Bharti Infratel, the tower arm of Bharti Airtel, said it has decided to explore the possibility of buying out the stakes of Idea Cellular and Vodafone in rival tower company Indus.Bharti and Vodafone currently own about 42% each in Indus, while Idea holds about 11%. As a res...