The UK-based Royal Bank of Scotland (RBS) on Friday announced the sale of its retail and commercial banking business in India worth $1.8 billion (Rs 8,500 crore) to British banking major, HSBC.
RBS, which received a £45.5 billion bailout from the UK government post the 2008 financial crisis, will sell its retail and SME business in India for a premium of $95 million, which would be over the adjusted net asset value of the bank’s businesses in the country. The exact amount to be paid by HSBC would be worked out later.
The sale coincides with RBS announcing that it has offloaded its metals, oil and European energy business to JP Morgan in a $1.6 billion deal. — PTI