ABN Amro Seeks Banking License in India to Retain Diamond and Jewelry Business
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02.06.09, 11:12
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World
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Dutch bank ABN Amro has approached the Reserve Bank of India (RBI) in an effort to obtain a banking license in India, which is necessary in order to keep running its jewelry and diamond business in the country.
A senior ABN Amro official, who wished to remain unnamed, told Livemint.com the bank is in "dialogue" with Indian banking officials and are "keen to continue with the diamond and jewelry business. We will also have trade finance and other banking activities.”
The scope of ABN Amro's diamond and jewelry business in India is estimated at about $637 million.
ABN Amro's diamond and jewelry business in India was transferred to the British bank RBS, which, along with European banking and insurance firm Fortis and Banco Santander, acquired ABN Amro in October 2007.
ABN Amro had been operating in India since 1920, until it was bought by RBS in 2007. It has 31 branches and about 10,000 employees in India.
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By: Avida Landau
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