Kotak open to buying RBS’ India assets: Uday Kotak

Kotak open to buying RBS’ India assets: Uday Kotak
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First Published: Mon, Mar 09 2009. 09 43 AM IST
Updated: Mon, Mar 09 2009. 09 43 AM IST
Mumbai: Indian private lender Kotak Mahindra Bank is open to acquiring Royal Bank of Scotland’s (RBS) India business if an opportunity arises, a senior executive said.
“There is no immediate plan of any nature right now. But, we are waiting. If there is an opportunity, we will obviously look at it,” Uday Kotak, executive vice-chairman and managing director, said on the sidelines of a conference late on Friday.
Cash-strapped RBS is looking to sell some of its assets, including in India where it had acquired 28 branches from ABN AMRO. The unit could be worth about $700 million, according to people familiar with the matter.
RBS last month posted the biggest loss in British history and had said Britain’s stake could rise as high as 95% as the country pumped in billions to insure risky bank assets.
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First Published: Mon, Mar 09 2009. 09 43 AM IST
More Topics: RBS | Kotak Mahindra | Uday Kotak | Bank | India |