Mumbai: Royal Bank of Scotland Group Plc is in talks to sell its Indian private banking business to Sanctum Wealth Management, a firm set up by its local private banking business head Shiv Gupta, a spokeswoman for the bank said on Monday.
Switzerland`s Union Bancaire Privee in March said it was buying the overseas business of British wealth manager Coutts from RBS, as part of the bank`s drive to pull back from foreign markets and focus on UK retail and commercial banking.
RBS` India private banking business was not part of that deal.
RBS has signed a non-binding framework agreement and is now in discussions to sell the Indian private banking unit to Sanctum Wealth, the spokeswoman said in an e-mailed statement, without giving details.
"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," the statement said.