On 29 July, the Royal Bank of Scotland (RBS) has decided to sell its private banking business in India to Sanctum Wealth Management, in line of its prior decision to exit the Indian market.
Britain’s largest public bank Royal Bank of Scotland (RBS) has signed a non-binding framework agreement with Sanctum Wealth Management, which is a start up firm set by Shiv Gupta. He is also the present managing director of RBS’ private banking operations in India.
RBS has four private banking offices in India located in New Delhi, Mumbai, Bengaluru and Chennai.
The reason behind this decision is to formulate RBS into a stronger, more sustainable and simpler business for its aim to consolidate its business in the UK and Western Europe.
Note: RBS’s net balance sheet revealed at the end of December 2014 showed that its operations in India has fell by 1.7 billion Euros to 2.0 billion Euros due to reductions in corporate lending for the sectors like mining & metals, oil & gas and to banks.