IndusInd Bank to buy RBS's India jewellery financing business

IndusInd Bank Ltd said it would buy Royal Bank of Scotland's diamond and jewellery financing business in India and the related deposit portfolio.

RBS's India diamond and jewellery financing loan book is about Rs 4,500 crore ($721.7 million) in size, IndusInd said in a stock exchange filing on Friday. It did not give a value for the deal.

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

($1 = 62.3550 rupees)