Yes Bank in talks to buy RBS India banking units - source

MUMBAI Tue Jan 15, 2013 1:09pm IST

People use a Royal Bank of Scotland (RBS) cashpoint in Edinburgh, Scotland November 14, 2012. REUTERS/David Moir/Files

People use a Royal Bank of Scotland (RBS) cashpoint in Edinburgh, Scotland November 14, 2012.

Credit: Reuters/David Moir/Files

Related Topics

Stocks

   

MUMBAI (Reuters) - Mid-sized lender Yes Bank Ltd (YESB.NS) is in talks to buy the local retail and commercial banking operations of Royal Bank of Scotland Group Plc (RBS) (RBS.L), a source with direct knowledge of the matter said on Tuesday.

A plan by RBS, majority owned by the UK government, to sell the Indian businesses to HSBC Holdings Plc (HSBA.L) fell through in November last year, more than two years after the two banks started negotiations.

Yes Bank, India's No. 4 private sector lender with assets of nearly $11 billion, is likely to start a due diligence on the RBS unit soon, said the source, declining to be named as he was not authorised to speak to the media.

RBS's Indian unit has 31 branches, 400,000 customers and was profitable, with assets of 190 million pounds and revenues of 42 million pounds in the first nine months of last year, RBS said in a statement last November.

A Yes Bank spokesman declined to comment. RBS said the bank continued to review all options for its retail and commercial businesses in India.

The Economic Times newspaper earlier reported that Yes Bank and domestic rival IndusInd Bank Ltd (INBK.NS), headed by Ramesh Sobti, former India chief of Dutch Bank ABN AMRO, are in talks to buy RBS' India retail assets.

However, IndusInd's Chief Operating Officer Paul Abraham told Reuters the bank was not pursuing RBS's Indian assets.

"No, we are not interested," Abraham said, when asked whether the bank was in talks for the RBS assets.

(Reporting by Sumeet Chatterjee and Swati Pandey; Editing by Richard Pullin)

FILED UNDER:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

  • Most Popular
  • Most Shared

Shares Hit Record

Sensex, Nifty rise to second consecutive record high

Sensex surges 500 points on BOJ easing, L&T gains

The BSE Sensex and Nifty surged to record highs for a second consecutive session on Friday after Bank of Japan's surprise expansion of its massive stimulus programme raised hopes for additional foreign inflows, boosting blue-chips such as Larsen & Toubro.  Full Article 

REUTERS SHOWCASE

Wilful Negligence?

Wilful Negligence?

SEBI piles pressure on Sahara to sell overseas hotels  Full Article 

Indian Economy

Indian Economy

India's fiscal deficit in H1 almost 83 pct of full-year target.  Full Article 

M&M Earnings

M&M Earnings

M&M Q2 net profit down 4 percent, hit by poor monsoon.  Full Article 

Ban on E-Cigs?

Ban on E-Cigs?

Govt considers ban on e-cigarettes, sale of single smokes.  Full Article 

Commodities

Commodities

Silver futures in India hit four-year low on global cues.  Full Article 

BOJ Policy

BOJ Policy

BOJ shocks markets with surprise easing as inflation slows.  Full Article 

Shadow Banking

Shadow Banking

China's shadow banking sector growing rapidly, third largest in world - FSB.  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device  Full Coverage