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