•  •  Dark Mode

Your Interests & Preferences

I am a...

law firm lawyer
in-house company lawyer
litigation lawyer
law student
aspiring student

Website Look & Feel

 •  •  Dark Mode
Blog Layout

Save preferences

Luthra, Slaughter, AZB, Links sell RBS India arms to Ratnakar bank for $74m

RBS: Sell
RBS: Sell

Luthra & Luthra and Slaughter & May advised India’s smallest commercial bank Ratnakar bank, which reportedly outbid five bigger rivals to acquire the Royal Bank of Scotland’s (RBS) business banking, credit cards and mortgage portfolios in India for less than Rs 450 crore. RBS was advised by AZB & Partners and Linklaters.

Luthra & Luthra Mumbai partners Bikash Jhawar and Amit Shetye and Slaughter & May Hong Kong partner David Watkins acted for Ratnakar bank which, according to Mint, signed the agreement on Friday after outbidding Yes Bank, Axis Bank, ING Vysya, Federal Bank and IndusInd Bank.

AZB Mumbai partner Ashwin Ramanathan and Linklaters Hong Kong partner Matthew Middleditch acted for RBS which is shutting 21 of its 31 branches in India, and had put the three Indian units on sale in November 2012 after a plan to sell them to Hong Kong and Shanghai Banking Corp collapsed, Mint reported.

The funds backing Ratnakar bank include HDFC, Norwest Venture Partners, Aditya Birla Private Equity and Samara Capital, according to the Business Standard.

Click to show 14 comments
at your own risk
By reading the comments you agree that they are the (often anonymous) personal views and opinions of readers, which may be biased and unreliable, and for which Legally India therefore has no liability. If you believe a comment is inappropriate, please click 'Report to LI' below the comment and we will review it as soon as practicable.