August 9, 2013 / 11:34 AM / 6 years ago

Ratnakar Bank says to buy several of RBS' India businesses

The logo of the Royal Bank of Scotland is seen at an office in London February 6, 2013. REUTERS/Neil Hall/Files

MUMBAI (Reuters) - Ratnakar Bank will acquire Royal Bank of Scotland’s (RBS.L) Indian credit cards, mortgage and commercial banking portfolios, it said on Friday.

Ratnakar Bank, a small-sized private sector lender, will acquire about 120,000 customers through the deal. Employees of RBS associated with these portfolios will be absorbed by the bank, it said in a statement without disclosing the deal size.

RBS will continue to operate its corporate and institutional business, and private banking in India, it said.

A plan by RBS, majority owned by the UK government, to sell the Indian businesses to HSBC Holdings Plc (HSBA.L) had fallen through in November last year.

In January, mid-sized private sector lender Yes Bank (YESB.NS) had said it was interested in acquiring RBS’ India retail assets.

The private-equity backed Ratnakar, whose top ranks are filled with pros from Wall Street banks, has a wide presence in western India.

Reporting by Swati Pandey; Editing by Prateek Chatterjee

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