Royal Bank of Scotland (RBS) is in talks to sell its Indian private banking business to Sanctum Wealth Management, a newly incorporated firm promoted by Shiv Gupta – currently managing director of RBS’ private banking operations in India.
RBS said that has signed a non-binding framework agreement and is now in talks to sell RBS India Private Banking to Sanctum.
Go deeper with GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
The deal is part of the bank’s efforts to reduce costs and enhance returns for its shareholders by exiting operations in India and 24 other countries.
"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," a RBS spokesperson said in an e-mailed statement.
The RBS spokesperson added the deal with the executive of the bank will ensure continuity for clients and develop a framework to take the business forward.
"Puneet Periwal RBS private banking ED & marketing head, west and Anila Sachdeva Ahuja RBS marketing head North are the two other top executives who are part of this move," a person familiar with the matter told The Economic Times.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataA source said that Gupta could add some private investors in Sanctum Wealth following the completion of the transaction.
In India, the British lender has about $2.5bn of private banking assets under management with offices in Mumbai, New Delhi, Bengaluru and Chennai.
In March 2015, RBS agreed to sell Coutts International to Union Bancaire Privée UBP SA (UBP), after numerous months of negotiations.
