The deal fell as the transaction deadline expired. RBS said that it will wind-down its banking operations in the country.
Ratnakar Bank to absorb RBS' employees involved in three businesses
The Hongkong and Shanghai Banking Corporationon Friday announced it will acquire the Indian business of Royal Bank of Scotland worth $1.8 billion, a move that will help the British giant gain greater exposure in the country.
The Reserve Bank of India (RBI) has approved IndusInd Bank's request to form an executive committee to discharge the duties and responsibilities of the chief executive officer (CEO) for a period of maximum three months or till a new CEO takes charge, whichever is earlier.
In an interview with Malvika Joshi and Somasroy Chakraborty, Madan Menon, RBS' chief executive for Singapore and Southeast Asia and head of global banking and markets in India, shares the bank's plans.
The Royal Bank of Scotland (RBS) on Thursday said that it will sell its retail and commercial banking business along with a part of its global banking and markets (GBM) division in India as part of the global restructuring exercise aimed at focusing on core markets such as the United Kingdom, the United States and Ireland.
Standard Chartered pulled out of the negotiations over valuation issues, according to sources. They say it was willing to pay up to $250 million, a figure that apparently fell far short of RBS' s expectations.
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According to Unite the Union, which represents the bank's staff, around 60 back-office roles are to be moved to India.
At present, the bank has around 10,000 employees in India, with 7,500 in Aces, its business process outsourcing unit and product development centre, while another 500 are in the non-retail banking units, who would be retained. This is part of its strategy to focus on key markets after the sale of its retail and SME banking business. The unit had contributed around 30 per cent of RBS's revenue from its India and Asia-Pacific operations.
The deal is stuck because the Reserve Bank of India has declined to transfer the branch licences of RBS to HSBC.
Fair trade regulator CCI has approved private sector lender Ratnakar Bank' proposal to buy Royal Bank of Scotland's credit card business, mortgage portfolio and banking operation in the country, saying the deal will not have an adverse impact on competition.
The move comes after RBS failed to close a deal involving sale of its India retail assets to Hongkong and Shanghai Banking Corporation.
Gidwani will be based in Mumbai, overseeing a team of 15 staff comprising private bankers and client relationship associates, a statement issued by the bank in Mumbai said.
A survey of CEOs shows corporate India is unsure about the party's ideology, with some feeling its left-of-the-centre politics can be detrimental in the long run.
The brokerage said it has high hopes for recovery and reforms following the general elections.
Back- and middle-office positions that support trading functions and provide technology services will be cut
Citibank on Wednesday joined the list of foreign banks that have exited retail banking business in India. Mumbai-based Axis Bank completed acquisition of Citigroup's consumer business for Rs 11,603 crore. Under the deal, Axis acquired consumer banking businesses of Citibank India, which includes credit cards, retail banking, wealth management and consumer loans.
Citi Bank on Wednesday joined the list of foreign banks that have exited the retail banking business in India as the US-based banking giant announced selling its consumer banking portfolio to Axis Bank for an estimated Rs 12,325 crore. Global banking majors such as ANZ Grindlays, RBS, Commonwealth Bank of Australia have scaled down their operations in India. In a mega-deal announcement on Wednesday, Axis Bank and Citibank said their boards have approved acquisition of Citibank's consumer businesses in India by Axis Bank.
Citi, HSBC and UBS etc have already cut their market targets.
Move comes after bank's failure to close deal with HSBC.
India is looking for a VSHORAD system to replace its ageing system from Russia and would be sourcing more than 5000 missiles and 1200 launchers.
The real focus should be on India AND China, says Meera Sanyal.
Sikka said second quarter will be better than the April-June period
These jobs are not being cut and that the employees will be reallocated to other projects
Takes a knock after RBS changes plan on Williams & Glyn; contract loss to impact 3,000 Infy staffers
ABN Amro has initiated the process of re-branding its retail branches as RBS after receiving the Reserve Bank of India's (RBI's) approval for the same.
Historically, the RBI has tried to keep the crooks at bay by issuing a circular a day. What it needs is more onsite supervision. Merely checking high-frequency data with the help of technology is insufficient, notes Tamal Bandyopadhyay.
In the case of Iran, the lifting of sanctions has paved the way for direct relations.
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Aam Aadmi Party on Sunday released its first list of 20 candidates for Lok Sabha elections, pitting Kumar Vishwas from Amethi, Rahul Gandhi's seat, and former banker Meera Sanyal and social activist Medha Patkar from Mumbai.
According to a National Crime Records Bureau report, a total of 356 cases of sedition -- as defined under section 124A of the IPC -- were registered and 548 people arrested between 2015 and 2020, out of which only six were convicted.
Deutsche Bank could be the next to trim its retail operations.
For most companies this would mean extending medical coverage to same-sex partners, say legal experts.
Banks say they themselves red-flagged the transactions to RBI. It must be noted that these transactions are not outright evidence of fraud or proof of nefarious activities.
Analysts and economists say that it is too early to expect anything dramatic on the interest rate regime despite the recent reform measures.
According to a RBS report, 'the impact on India's current account deficit should be significant, cumulatively amounting to 1.9 per cent of GDP' provided for the full year FY14 prices for both oil and gold remain at current levels and aggregate volume gold demand remains stable.
While inflows into Asia, including India, were expected to continue in 2011, there would be moderation.
Bond issuances dipped 31.4% during January-June
Fund raising by Indian companies through the offshore debt market is expected to rise in 2015.
With more favourable view on Indian economy and business environment under the Narendra Modi government, the risk premium for Indian papers began to climb down.
The Bombay Stock Exchange on Wednesday put in place a graded penalty mechanism, with fines starting from Rs 10,000 for brokers who fail to make timely submission of risk-based supervision data and prolonged non-compliance leading to disablement of trading terminals.
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