• Text size      
  • Send this article to a friend
  • Print this article

Yes Bank confirms interest in RBS India network

INDIA's Yes bank said it is interested in buying Royal Bank of Scotland's retail operations in the country but it has not done due diligence on the assets yet.

Following reports that Yes bank was in talks to buy Royal Bank's branch network in India, the firm's chief executive, Rana Kapoor, confirmed it is interested in buying the unit.

Six weeks ago, Royal Bank said a deal to sell the division to HSBC agreed in June 2010 had lapsed, without giving reasons.

Taxpayer-controlled Royal Bank has been trying to offload the Indian retail and commercial business since 2010 as part of a programme to sell non-core assets to help reduce its balance sheet.

Asked about the possible acquisition of the Royal Bank assets, Mr Kapoor told reporters in India the company would be "receptive" to such opportunities to boost its retail network.

On Tuesday, a spokesman for Royal Bank said the Edinburgh-based giant is "continuing to explore all wind-down options" for its Retail & Commercial business in India. The business serves 400,000 customers from 31 branches.

The disposal of the retail business in India will not have any impact on the divisions that serve corporate, financial institutions and wealth management clients there. The commercial operation deals mainly with small and medium sized enterprises while the corporate arm works with bigger businesses.

Contextual targeting label: 

Commenting & Moderation

We moderate all comments on HeraldScotland on either a pre-moderated or post-moderated basis.
If you're a relatively new user then your comments will be reviewed before publication and if we know you well and trust you then your comments will be subject to moderation only if other users or the moderators believe you've broken the rules

Moderation is undertaken full-time 9am-6pm on weekdays, and on a part-time basis outwith those hours. Please be patient if your posts are not approved instantly.