Monday, 16 September 2013

CCI gives green signal to Ratnakar Bank-RBS deal

Fair trade regulator CCI has approved private sector lender Ratnakar Bank' proposal to buy Royal Bank of Scotland's credit card business, mortgage portfolio and banking operation in the country, saying the deal will not have an adverse impact on competition.

Royal Bank of Scotland (RBS) mortgage portfolio includes housing loans, while banking business includes providing small and medium sized enterprises with high end products and services.

In its order dated September 10, Competition Commission of India (CCI) said the proposal "is not likely to have an appreciable adverse effect on competition in India and, therefore, the Commission hereby approves the proposed combination under...The (Competition) Act".

The regulator said it has observed that after the proposed deal between the banks comes into effect, RBS would exit the credit card business, mortgage portfolio and business banking segment.

"Currently, Ratnakar Bank has no presence in the credit card business. It is observed that the presence of Ratnakar Bank in the mortgage and banking business in India would be insignificant after the proposed combination," CCI said.


Sandip Ginodia
We deal in over 60 unlisted companies with 15 years of experience . Website
Call : 09830271248 .

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