RBS closes Indian corporate banking operations
(12 April 2016 – India) Royal Bank of Scotland (RBS) will close its corporate banking operations in India sources have said.
The decision to close the India business is part of Chief Executive Ross McEwan's strategy announced last year to reduce the number of countries the bank operates in by around two thirds, from 38 to 13. The strategy is part of a McEwan’s wider bid to boost earnings after eight straight years of losses.
RBS, which was briefly the world's largest bank by assets, has spent the eight years since a 45 billion pound government bailout cutting costs and reorganising.
It is closing the Indian business after failing to find a buyer, Reuters has reported.
Earlier this year, DBS Group Holdings and South African banking group FirstRand were in separate talks to buy the unit.
"After examining a number of potential sale options for our banking business in India, we have concluded that it is not feasible to sell the business in its entirety," the bank said in a statement.
"We will now look at other options which may include a wind down or sale of individual parts."
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