IndusInd, YES Bank To Acquire Retail Assets Of RBS
by Ahemad Shaikh
Yes Bank and IndusInd Bank are planning to acquire retail assets of RBS in India.
The move is in line with YES Bank’s strategy to expand its retail banking business aggressively. The bank recently roped in Pralay Mondal from HDFC Bank to oversee its retail banking operations.
Last November, RBS failed to close a deal involving sale of its India retail assets to HSBC.
RBS has 31 branches in India which it received as part of a three-bank consortium that acquired Dutch bank ABN Amro in 2007. India represents a small part of RBS' global business, accounting for just 0.02% of group assets and about half a percent of its non-core business.
The bank has a deposit base of R130.40 Bn and a loan book of R125.35 Bn with bad loans of 0.74% of the advances as of March 2012.
Nimbus Communication along with other promoters is planning to sell 100% stake in Neo Sports Broadcast and is in talks with couple of buyer in India and abroad for sale. The deal is likely to be closed by next calendar year.