Dutch state-owned bank ABN AMRO has applied to the Reserve Bank of India for a licence to open a branch in the country, according to a media report.
ABN AMRO, which is being readied for a stock market listing in 2014, plans to re-enter India to revive its core diamond financing business and also to tap fast-growing loan demand, a former executive with the bank in India confirms.
ABN AMRO could not immediately be reached for comment.
Holland nationalised the Dutch activities of ABN AMRO in 2008 after the dramatic failure of a three-pronged hostile takeover of ABN AMRO by Royal Bank of Scotland, Fortis and Banco Santander.
The ABN AMRO group is now made up of ABN AMRO itself and Fortis Dutch retail banking activities, as well as commercial and merchant banking services for Dutch firms, and private banking units in 13 countries, with a growth focus on Asia.
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