YES Bank in talks to acquire retails business of RBS
   
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YES Bank in talks to acquire retails business of RBS

Last Updated: Tuesday, January 15, 2013, 19:39
 
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YES Bank in talks to acquire retails business of RBS
New Delhi: Private sector Yes Bank is in talks with Royal Bank of Scotland (RBS) for acquisition of the retail and commercial assets of the UK-based lender.

According to sources, a team of YES Bank is visiting London in this connection.

When contacted, Yes Bank spokesperson declined to comment on the issue.

Last year, HSBC aborted the deal to buy the retail and commercial banking business of RBS on valuation issues.

More than two years ago in July 2010, RBS had announced sale of its retail and commercial banking business in India, estimated to be worth USD 1.8 billion (about Rs 8,500 crore) at that time, at a premium to rival British bank HSBC.

The deal was part of RBS' plans to exit from some of the businesses outside its home country, although the bank was looking to retain its wholesale and investment banking businesses in India even after this sale.

RBS's Indian unit has 31 branches with 4 lakh customers generated revenue of 42 million pound.
Total assests of the RBS stood at 190 million British pounds as on September 30, 2012.

However, these businesses account for only 0.5 percent of the group's remaining non-core assets worth over 65 billion British pounds.

YES Bank recorded a 32.2 percent rise in its net profit at Rs 596.2 crore during the first half ended September 2012 compared to Rs 451.1 crore in a same period a year ago.

Advances witnessed a 22.9 percent growth at Rs 42,019.3 crore, while deposits jumped 18.6 percent to Rs 52,290.8 crore in the first half.

The bank had a capital adequacy ratio of 17.5 percent by the end of September with a tier-I capital of 9.5 percent.

PTI



First Published: Tuesday, January 15, 2013, 19:39


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