HSBC will reportedly buy only the retail and SME operations of The Royal Bank of Scotland
HSBC will reportedly buy only the retail and SME operations of The Royal Bank of Scotland (RBS). The Royal Bank of Scotland (RBS) is close to selling its Indian business to HSBC after nearly a year of negotiations. The operations will probably be given some branches.
The bank may also shortly sell its investment banking arm in Chile. The UK government owns around 83% stake in it.
The Edinburgh-based bank’s business in India is one of its biggest foreign operations with 1.3 million customers, 28 branches and 1,800 employees. The HSBC management in India refused to comment.