Foreign lender, Royal Bank of Scotland will be utilizing its banking license to provide banking services only to the HNI clients through its private banking arm. The bank is soon divesting out of its retail and commercial banking business operations in India.
At a time when the UK based lender is planning to sell off its retail business arm of erstwhile ABN Amro, the bank is also gearing up to triple its wealth management business.
RBS is currently said to be in talks with HSBC for selling off its retail and commercial business.
RBS Coutts Asia CEO Nick Pollard said: "Our India business is small in relation to the totality of our division. But that is a starting point.
If you look at the Indian markets against the other markets in which we operate, this is growing the fastest and producing the highest number of high net worth individuals. It has the second-largest number of billionaires against Singapore. You have to say it is a very fertile ground for a wealth manager who knows how to operate."
"One of RBS' retained business in India is global transaction services, which has a full-fledged platform to offer banking services, which goes all the way from providing checking accounts, deposits and other cash management services to NRI deposits.
We will continue offering that. We have the platform for everything that is a part of the banking services suite and will continue offering and servicing wealth management clients," said Shiv Gupta, head of RBS' private banking business in India.