28th Jul 2015 05:38
LONDON (Alliance News) - The Royal Bank of Scotland Group PLC is close to agreeing a deal to sell its Indian private banking arm to local firm Sanctum Wealth Management, Reuters reports.
RBS is understood to have signed a non-framework agreement and is now in talks to sell the business to Sanctum Wealth, Reuters said, citing an emailed statement from an RBS spokeswoman.
http://uk.reuters.com/article/2015/07/27/uk-rbs-india-wealth-idUKKCN0Q11JD20150727
In a separate report, Reuters also said RBS has ended it plans to sell its cash management and trade finance business in the United Arab Emirates to Abu Dhabi Commercial Bank, citing sources familiar with the matter.
The sale is understood to have been called off as Abu Dhabi Commercial Bank asked at a late stage to select which of RBS's customers it would take on, according to one of the sources.
http://uk.reuters.com/article/2015/07/27/uk-rbs-emirates-idUKKCN0Q119320150727
By Sam Unsted; [email protected]; @SamUAtAlliance
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