HSBC set to acquire RBS’s Indian operations: report
09 Dec 2009
HSBC Holdings Plc is set to acquire the Indian, Chinese and Malaysian assets of troubled British banking giant Royal Bank of Scotland Group Plc, with both banks having signed a deal, say reports in the Indian media.
HSBC entered the bidding race for select Asian assets of RBS in October after talks between Standard Chartered Bank Plc and RBS broke down over differences on the valuation of assets.
According to an RBS official in India, both the banks have already signed the deal and the actual acquisition depends on regulatory approvals in three countries.
RBS has already approached the Indian central bank for approval. The key to the success of the Indian part of the acquisition is the Reserve Bank of India (RBI) clearance for transfer of RBS branch licences to HSBC.
RBS has 31 branches in India and employs 10,000 people, following its 2007 acquisition of the Asian operations of ABN Amro Bank NV.
ABN Amro continues to conduct business in India under its original name despite the RBS takeover. That acquisition was made through a consortium, along with Fortis group of the UK and Banco Santander SA of Spain.
.webp)
