RBS to close Indian corporate banking operations as it proves too tortuous to sell
After selling their operations in six countries in Asia to ANZ in 2009, RBS have been have seeking buyers for the remainder of its India operation business. Apparently they drew interest from some local banks, but the strict regulations on the acquisition of banking businesses in india have led RBS to conclude it would be better to close the operations and avoid the risk of mounting costs.
The decision to close the India business is part of Chief Executive Ross McEwan's strategy, announced in 2014, to reduce the number of countries the bank operates in by around two thirds, from 38 to 13. The strategy is part of a McEwan’s wider bid to boost earnings after eight straight years of losses.
RBS wind-down programme progress
Last week, when asked for an update on the progress of their wind down programme, an RBS spokeslady said, “We don’t have an update status report I am afraid. We continue to wind down activities and progress the exit from 25 countries to reduce to 13 countries as we set out in 2014.”
CTMfile take: Sad, but true. What a waste of money and talent. Fred the shred and his board should be ashamed.
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