Ratnakar Bank, a small-sized private sector lender is acquiring Royal Bank of Scotland’s (RBS’s) business banking, credit cards and mortgage portfolios in India valued at less than Rs. 450 crore, as reported by Mint..Luthra & Luthra Law Offices advised Ratnakar Bank with a team led by Partner Bikash Jhawar along with Partner Amit Shetye while Slaughter and May acted as English legal counsel to Ratnakar Bank with a team led by Hong Kong Partner David Watkins..AZB & Partners acted as Indian legal counsel for RBS while Linklaters LLP acted as English legal counsel. The AZB team was led by Partner Ashwin Ramanathan while Linklaters team was led by Hong Kong Partner Matthew Middleditch..RBS had put its assets on sale after after HSBC pulled out of the deal to buy its retail, commercial banking portfolios. Other private sector banks including Axis Bank, YES Bank and IndusInd Bank were initially interested in buying the portfolios after RBS and HSBC scraped their deal, reports Business-Standard..The employees associated with the commercial and home loan portfolios of RBS will be absorbed by Ratnakar.
Ratnakar Bank, a small-sized private sector lender is acquiring Royal Bank of Scotland’s (RBS’s) business banking, credit cards and mortgage portfolios in India valued at less than Rs. 450 crore, as reported by Mint..Luthra & Luthra Law Offices advised Ratnakar Bank with a team led by Partner Bikash Jhawar along with Partner Amit Shetye while Slaughter and May acted as English legal counsel to Ratnakar Bank with a team led by Hong Kong Partner David Watkins..AZB & Partners acted as Indian legal counsel for RBS while Linklaters LLP acted as English legal counsel. The AZB team was led by Partner Ashwin Ramanathan while Linklaters team was led by Hong Kong Partner Matthew Middleditch..RBS had put its assets on sale after after HSBC pulled out of the deal to buy its retail, commercial banking portfolios. Other private sector banks including Axis Bank, YES Bank and IndusInd Bank were initially interested in buying the portfolios after RBS and HSBC scraped their deal, reports Business-Standard..The employees associated with the commercial and home loan portfolios of RBS will be absorbed by Ratnakar.