Royal Bank of Scotland is on the track of slashing its retail portfolio further. The bank had recently sold of its retail and commercial banking arms to HSBC.
The card holders of the bank have received information that their limits have been reduced by almost 25%.
HSBC recently made the announcement of taking over the commercial and retail banking arms of RBS having a total asset value of $1.8 billion as on 31st March 2010.
The total asset buyout would comprise of a premium amounting to $95million over the net tangible asset value of the businesses being acquired.
" The branding exercise will start only after we get an approval from the Indian regulator," said a HSBC spokesperson.
After making an exit from these segments, RBS would be focusing more on increasing its wealth management business in India.