Business Standard
Kolhapur-based Ratnakar Bank on Friday said it had agreed to buy Royal Bank of Scotland’s (RBS’) business banking, credit cards and mortgage portfolios in India.
The private lender did not disclose the price at which it will buy these businesses. The deal is subject to approvals from the Competition Commission of India (CCI).
The move comes after RBS failed to close a deal involving sale of its retail and commercial banking assets in India to Hongkong and Shanghai Banking Corporation (HSBC). The transaction between HSBC and RBS was called off towards the end of 2012, after the lenders negotiated for almost two-and-a-half years.
Other private lenders, including YES Bank and IndusInd Bank, were also in the race to acquire these businesses. In November 2012, RBS had said its India retail and commercial banking operations accounted for less than 0.5 per cent of its remaining non-core assets.