RBS Taken Over by Ratnakar Bank

I read on News paper that some units of RBS taken over by Ratnakar Bank. I want to read briefly about this news. So tell me on which site I can find full information about RBS taken over by Ratnakar Bank?

There are 3 units of RBS taken over by Ratnakar Bank.

Dark horse Ratnakar Bank has pipped YES Bank and IndusInd Bank in the race to buy Royal Bank of Scotland’s business banking, credit cards and mortgage businesses in India.

In the process, the Kolhapur-headquartered private sector bank will gain over 1.2 lakh RBS customers across the three business segments.

The companies didn't disclose the valuation of the deal.

About 120,000 customers of RBS India, across business banking, credit cards and mortgage business, will form part of the deal.

Ratnakar Bank also plans to absorb the employees of RBS associated with these businesses. Ratnakar Bank currently has around 1,900 employees.

RBS has a high-value current account and forex business.

Its mortgage business is 8-12 months old and this will add to the portfolio, the official added.

RBS customers will also get access to Ratnakar Bank’s network of 131 branches and 217 ATMs.

RBS will continue to offer financing, wholesale/investment banking, and trade finance and wealth management solutions to its clients.

The British bank will not be transferring its ATMs or offices but will consolidate 31 branches into 10 locations - Bengaluru, Chennai, Delhi, Gurgaon, Hyderabad, Kolkata, Mumbai, Noida, Pune and Vadodara.

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