Mumbai, May 19 :
Mumbai, May 19:
ABN Amro, which has bought over Bank of America?s (BankAm) retail operations in India, is planning a credit card foray as part of its decision to focus on consumer banking.
ABN Amro chief executive Ramesh Sobti said the new emphasis means the bank?s retail operations will cover both loans and deposits. ?We are planning to widen our product-range and make additions. Credit cards, for instance, will form a part of our widened portfolio,? Sobti said. He, however, did not disclose the amount at which ABN Amro snapped up BankAm?s retail business in India but said the total consideration for the assets in three countries?India, Singapore and Taiwan?would be close to $ 200 million.
BankAm?s retail assets in three countries, put on the block at the same time, account for $ 1.5 million of its $ 507-billion portfolio worldwide. ABN sources said the price represents the net book value of BankAm?s assets, minus the liabilities. The deal also includes a premium payment.
Meanwhile, Anuroop Singh, head of BankAm?s retail operations in India, will take over as ANZ Grindlay?s country head and regional head of personal financial services in South and West Asia from July 1.