Reuters | Apr 11, 2016 12:50
LONDON (Reuters) - Royal Bank of Scotland (LON:RBS.L) will close its corporate banking operations in India as part of a plan to sell or shut businesses in two-thirds of the countries it operates in, a person familiar with the situation said.
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, the person told Reuters on Monday.
Earlier this year, Reuters reported Singapore's biggest lender DBS Group Holdings (SI:DBSM) and South African banking group FirstRand (J:FSRJ) 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."The decision to close the India business is part of Chief Executive Ross McEwan's strategy announced last year to operate in 13 countries, down from 38.
McEwan has cut thousands of jobs and assets to reduce expenses, in a bid to boost earnings after eight straight years of losses.
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.