DBS likely to acquire Royal Bank of Scotland's India onshore operation for 1000 crores
Posted on: 15 Mar 2016 09:39:28
15 March 2016 Current Affairs: DBS Group Holdings, Southeast Asia's largest bank, is set to acquire Royal Bank of Scotland Group's Indian onshore operations for about Rs 1,000 crore, a much-awaited deal that will see the exit of Britain's biggest government owned bank from one of the fastest-growing economies. The transaction includes three main parts of RBS' India operations — a network of 10 branches, corporate loan platform and debt capital market, two people familiar with the matter told ET. RBS had a balance sheet of Rs 19,000 crore and loan book of Rs 11,150 crore as of March 2015, according to financial statements posted on its website. "For the entire business, including debt corporate market division, corporate loan portfolio and branch networks, the price is likely to be around Rs 1,000 crore. The chief executive Ross McEwan has decide to exit many countries around the globe and sold assets with an aim to take the lender back to an annual profit. The bank sold its offshore Indian loan assets in October. The sale also includes RBS' stakes in two non-bank financial companies in India. It has a majority stake in one of the companies, both of which conduct little business but would bring buyers a licence to offer certain types of financing .In March 2015, the British bank announced the sale of its private banking and wealth management business to Swiss-based Union Bancaire Privee (UBP). The deal included the sale of private wealth books managed out of Switzerland, Monaco, UAE, Qatar, Singapore and Hong Kong, but excluded India because the Swiss bank did not have any presence in the country.In a rare management buyout deal in the country's corporate landscape, the then head of the RBS Group's India wealth management operation, Shiv Gupta, had last year bought that business from the British bank for around Rs 200 crore.
FreshersLive - No.1 Job site in India. Fresherslive Current Affairs 2017 section offers informative quiz questions with answers regarding latest current affairs today for all sorts of competitive exams like UPSC, TNPSC , IFS, IAS, IPS, railway exams (RRB) and banking exams like IPBS PO, IPBS clerk, Federal Bank PO, ICICI, SBI, RBI legal officer & Grade officer posts and much more. Register with us to get latest Current Affairs Updates. Also get latest Current Affairs news and quiz Updates for free alerts daily through E-mail