Royal Bank of Scotland (RBS) has finalised a deal to sell its Indian private banking operations to Sanctum Wealth Management.
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With the completion of the deal, Sanctum Wealth Management has launched operations in India. The firm has secured all relevant approvals and licenses, and has managed the transfer of clients and people from RBS, Sanctum said in a statement.
Sanctum will provide investment services across various financial products, equities, fixed income, mutual funds and alternative investments, through its branches in Bangalore, Mumbai, Delhi and Chennai.
In addition, the wealth manager will offer portfolio management services, wealth planning, and a range of real estate solutions across liquid and physical real estate instruments.
The firm will be led by Shiv Gupta, who will be assisted by Anila Ahuja, Puneet Periwal, Prateek Pant, Ranjit Menon, Neeraj Sirur and Caroline Kulkarni.
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By GlobalDataSanctum Wealth Management chairman Rory Tapner said: "India is poised at a juncture where macroeconomic and industry factors indicate tremendous potential for growth in the wealth management sector.
"Sanctum Wealth promises a superior experience for clients by using a contemporary technology and services platform and world-class business management practices coupled with deep knowledge of the Indian market and the unique needs of Indian clients."
