RBS to exit retail, commercial business in India

The Royal Bank of Scotland (RBS) plans to sell its retail and commercial business in India as part of the restructuring exercise, a move that follows the bank recording biggest annual loss of 24 billion pounds.

"As a result of the strategic review RBS has announced its intention to consider options, including a potential sale of its retail and commercial business in Asia Pacific. This includes the retail and commercial business in India," said an official spokesperson of the UK-based bank said.

Without giving further details and the time frame by which it will exit from the specified portfolio, the spokesperson said wealth management portfolio would also be part of the sale strategy.

RBS, present in India through ABN Amro Bank which it acquired in 2007, employs about 10,000 people.

ABN Amro currently has a network of about 31 branches across the country and operate in various segment, including credit card and BPO operation.

RBS is currently seeking regulatory permission from the Reserve Bank for change in the name.

Earlier this month, HSBC had said, it may look at acquiring some product businesses of RBS in Asia if that adds value to its operations.