Disposal of Indian Banking Operations

RNS Number : 4111S

Royal Bank of Scotland Group PLC

30 November 2012

 



Statement on the disposal of Retail & Commercial banking operations in India

30 November 2012

The Royal Bank of Scotland Group ("RBS") today announces that the agreement to sell its Indian Retail & Commercial banking operations to The Hong Kong and Shanghai Banking Corporation Limited ("HSBC"), as announced on 2 July 2010, has lapsed with effect from 30 November 2012 and the sale will not be proceeding.

Consistent with RBS's strategic objective to reduce or exit its Non-Core assets and businesses, it will begin to wind-down its Retail & Commercial banking business in India, whilst meeting all customer obligations. There will be no immediate change for customers who will continue to be served as they are today. Any changes impacting them will be notified in a timely way and will be designed to minimise disruption.

The RBS Retail & Commercial business in India is a profitable business; it comprised total assets of £190 million as at 30 September 2012, and generated revenue of £42 million in the 9 month period to that date. It operates from 31 branches and serves 400,000 customers. The business accounts for around 0.5% of the Group's remaining Non-Core assets (£65bn). 

For further information contact:

RBS Group Investor Relations Richard O'Connor, Head of Investor Relations [phone]

RBS Group Media Relations Michael Strachan, Group Media Centre [phone]

 

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