11th Apr 2016 05:52
LONDON (Alliance News) - Royal Bank of Scotland Group PLC is set to close its banking operations in India, The Financial Times reported on Monday.
According to the report, the FTSE 100 bank has given up on finding a buyer amid concerns that regulation could make the process take too long to complete and lead to higher costs.
"You are in limbo," a senior executive with knowledge of the matter told the FT, with reference to RBS's position. "Every day, the value is eroding until it becomes cheaper just to close down the operation."
RBS began seeking buyers for the business in 2015.
http://www.ft.com/cms/s/0/60c890de-ff2b-11e5-99cb-83242733f755.html#axzz45Ugok2xz
By Samuel Agini; [email protected]; @samuelagini
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