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Press Release: ABN Amro agreed to transfer diamond and jewelry activities in India to IndusInd Bank Limited. These business activities were being conducted under cohabitation with Royal Bank of Scotland in India. IndusInd Bank offers an excellent platform for the 274 clients as well as the front office staff that it will receive in the transfer, especially since IndusInd Bank targets growth for these activities.
Furthermore, ABN AMRO and IndusInd Bank agreed to enter into a partner banking agreement to continue to cooperate in diamond and jewelry activities in this important country.
Erik Jens, the CEO of diamond and jewelry clients at ABN Amro, said, "IndusInd Bank Limited is a strong and stable partner for our Indian clients. We are, therefore, pleased with today’s announcement. ABN Amro remains committed to its activities in the diamond and jewelry business and to working with IndusInd Bank on the partner bank agreement."
The transfer is subject to certain conditions being met, including approval by authorities.
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