RBS to sell Indian private banking operations
(30 July 2015 – Scotland) Royal Bank of Scotland (RBS) has signed a non-binding framework agreement to sell its Indian private banking operations.
RBS is in discussions to sell the business to Sanctum Wealth Management, according to Bloomberg.
Sanctum is led by Shiv Gupta, an RBS managing director and head of its private wealth business in the country, according to the statement.
RBS has about US$2.5 billion (A$3.4 billion) of private-banking assets under management in the South Asian nation, according to a source.
It is joining global banks including UBS Group AG, Morgan Stanley and Macquarie Group Ltd. that have exited India’s private-wealth market in the past two years.
RBS’s private banking unit in India has offices in Mumbai, New Delhi, Bengaluru and Chennai, according to the website.
RBS agreed in March this year to sell its Coutts International private banking business to Switzerland’s Union Bancaire Privee, shedding about 32 billion Swiss francs (A$48 billion) of client assets.
The sale included businesses managed from Switzerland, Monaco, the Middle East, Singapore and Hong Kong.
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