RBS has revealed that it is in talks to sell its Indian private banking business to Sanctum Wealth Management; RBS has signed a non-binding framework agreement and is now in discussions around progressing the sale. The deal would see RBS take over the assets of the company, which was founded by former British Prime Minister David Cameron as an investment bank for small businesses but later expanded into retail banking. Many foreign wealth managers had scrambled to open up shop in India a few years back and aggressively ramped up operations to take advantage of robust economic growth, only to find themselves struggling. This marks another step towards delivering the strategy to make RBS a stronger, simpler, more sustainable business, more aligned with the needs of our customers in the U.K. and Western Europe," yesterday's statement explained; RBS' retreat from non-core operations continues.
RBS has revealed that it is in talks to sell its Indian private banking business to Sanctum Wealth Management; RBS has signed a non-binding framework agreement and is now in discussions around progressing the sale. The deal would see RBS take over the assets of the company, which was founded by former British Prime Minister David Cameron as an investment bank for small businesses but later expanded into retail banking. This marks another step towards delivering the strategy to make RBS a stronger, simpler, more sustainable business, more aligned with the needs of our customers in the U.K. and Western Europe," yesterday's statement explained; RBS' retreat from non-core operations continues.