Royal Bank of Scotland is in talks for a management buyout of its Indian private banking operations.
Bloomberg News reports that the bank has signed a non-binding framework agreement and is in discussions to sell the business to Sanctum Wealth Management. Sanctum is led by Shiv Gupta, an RBS managing director and head of its private wealth business in the country, according to the statement.
RBS has about $2.5bn of private-banking assets under management in the South Asian nation, a person with knowledge of the matter said, asking not to be identified as the information is private. It is joining global banks including UBS, Morgan Stanley and Macquarie Group that have exited India’s private-wealth market in the past two years.
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