ABN AMRO Set to Re-Enter India
March 25, 15
(IDEX Online News) – Reports in the Indian press indicate that ABN AMRO Bank will once again set up operations in India, primarily to finance the gem and jewelry sector.
Business-standard.com reported that the regulator has given the Dutch Bank an “in principle nod” to establish a wholly owned subsidiary in India.
In October 2007, ABN AMRO Holdings NV, the parent company of ABN AMRO Bank, was acquired by a consortium, which led to its business being reorganized. This reorganization meant that the bank’s International Diamond and Jewelry Group (ID&JG) in India coming under the Royal Bank of Scotland (RBS).
In February this year, RBS announced its exit from India as part of an overall withdrawal from Asia.
The return of ABN AMRO has received support from the Gem and Jewellery Export Promotion Council (GJEPC), which has requested that the government grant the bank a banking license.