PE-backed Ratnakar Bank buys part of RBS' India business
Ratnakar Bank will acquire Royal Bank of Scotland's (RBS) Indian credit cards, mortgage and commercial banking portfolios for an undisclosed sum. The small-sized private sector lender has raised around INR10.7 billion ($177 million) from private equity investors -including Ascent Capital, Norwest Venture Partners,IDFC and ICICI, since 2011.
The deal is subject to approvals from the Competition Commission. Ratnakar will acquire about 120,000 customers through the deal and absorb RBS employees associated with the portfolios. RBS will continue...
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