August 10, 2013 2:34:08 am
Private lender Ratnakar Bank will acquire Royal Bank of Scotlands credit cards,mortgage and commercial banking portfolios in India.
It will take over about 1,20,000 customers through the deal. Employees of RBS associated with these portfolios will be absorbed by the bank, the bank said in a statement without disclosing the deal size. This transaction would complement well with its existing business and would help it add strength in the desired product and customer segments,it said.
According to RBS,there is no impact on RBSs corporate and institutional business (markets and international banking) or its private banking businesses in India. RBS will continue to offer financing,risk management,wholesale and investment banking,cash,payments,trade finance and a comprehensive range of wealth management solutions to its clients, RBS said.
The transaction is expected to help the bank create further capabilities in a very short span of time and enhance CASA,Ratnakar Bank said.
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Rajeev Ahuja,head of Strategy and Markets,Ratnakar Bank said,We are happy to acquire this business as it fits very well with our growth strategy. Over the last three years the bank has been building scale and this transaction enables us to fast track our growth on multiple counts.
RBS said by the end of 2013,it will maintain a retail banking presence in 10 locations across the country.
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