Royal Bank of Scotland (RBS) is reportedly planning sell its Indian private banking division as part of its previously announced decision to sell international operations of Coutts, its private banking arm.
"The first information report has not been circulated yet. However, the bank is expected to begin the sale process in the next few months," a banker in the know of the development told The Economic Times.
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The bank operates in India with offices in Mumbai, New Delhi, Bengaluru, and Chennai with 85 employees.
Linda Harper, head of RBS media desk an e-mail response to the publication said: "We have said we are exiting our Coutts International business and are looking at options including sale, which will include merging the business with another, joint ventures or a possible sale to reduce our footprint on non-UK-centric activities."
Coutts manages almost $36bn of client assets across Hong Kong, Singapore, Abu Dhabi and Dubai.
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