Mumbai-based IndusInd Bank Limited announced that it has purchased ABN AMRO’s Indian diamond and jewelry lending portfolio from the Royal Bank of Scotland.
RBS’ Indian portfolio totals 45 billion rupees, or approximately $721 million. IndusInd will run the portfolio in partnership with ABN AMRO, it said.
The deal makes the bank the largest private-sector lender in the Indian gem and jewelry sector, according to Business Standard. The bank’s managing director told the newspaper it hopes to expand its gem and jewelry portfolio.
The move affects 274 clients, a statement said.
The transfer is subject to conditions being met, including approval by authorities.
Royal Bank of Scotland is part owner of ABN AMRO.