IndusInd Bank to buy RBS's jewellery financing business in India

IndusInd Bank said it would buy Royal Bank of Scotland's (RBS) diamond and jewellery financing business in the country and the related deposit portfolio.

RBS's domestic diamond and jewellery financing loan book stands at about Rs 4,500 crore (US $721.7 million) in size, IndusInd said in a filing to the stock exchange on Friday. The bank, however, did not give a value for the deal.

RBS employees within the business will also move to IndusInd Bank, the private sector lender said, adding that it had signed a pact with ABN AMRO Bank for cooperation in diamond and jewellery financing business.

(Reuters)