IndusInd Bank has completed the purchase of the diamond and jewellery financing unit of Royal Bank of Scotland (RBS) in India.
Following the acquisition, the entire business portfolio wouldl be transferred to IndusInd Bank, with the acquired loan book worth about INR41bn.
IndusInd had signed a deal to purchase RBS’s diamond and jewellery financing operations in the country in April this year.
The banking major has been trying to exit from the Indian market after its UK-based parent went into a government bailout following the 2008 financial meltdown.
It unveiled plans to wind down its business gradually after getting approval from RBI to sell its retail banking operations to HSBC.
The bank now operates with 20 branches in the country across 10 cities.