RBS top management buys out India pvt banking biz

Royal Bank of Scotland is exiting India private banking business in a management buyout, wherein the current head of the unit would take over the operations.  “The Royal Bank of Scotland NV today  signed  an agreement to transfer the India private banking business to Sanctum Wealth Management,” RBS India said in a statement on Thursday. 

Sanctum is a city-based company that will be led by Shiv Gupta, who heads the private banking business, and the existing management team. The deal comprises <g data-gr-id="11">transfer</g> of client relationships and staff, it added. Existing branches in Mumbai, Delhi, Chennai and Bengaluru will also be retained by Sanctum, it said, adding it hopes to conclude the deal by March. 

RBS country executive Brijesh Mehra said: “We gave careful consideration in identifying a buyer that would minimise the impact to clients and staff and is committed to <g data-gr-id="16">building</g> on the investments made in the private banking franchise.”