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.
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Makes one think, did TT&A's advice on the HSBC deal have anything to do with the deal being aborted?
How do we know it was the "same deal (both commercial and legal)"?
Now wait a minute...
Didn't Luthra - in their huge strategy announcement, indicate that they would not be doing work for the small guys??
Looks like they backtracked already... back to square one....
This deal had closed before the strategy change
That's very different from what people want to read it to be. Clearly some guys are working overtime to bring Luthra down! My suggestion: get substance in your campaign.
A look at the previous article Re: Promotions and their new strategy, and the multitude of comments therein would clearly show the real picture. Who needs others when you can accomplish the task yourself!
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