Bloomberg, Jul 27, 2015
Royal Bank of Scotland Group Plc is in talks for a management buyout of its Indian private banking operations.
The Edinburgh-based lender has signed a non-binding framework agreement and is in discussions to sell the business to Sanctum Wealth Management, it said in an e-mailed statement to Bloomberg on Monday. Sanctum is led by Shiv Gupta, an RBS managing director and head of its private wealth business in the country, according to the statement.
RBS has about $2.5 billion of private-banking assets under management in the South Asian nation, a person with knowledge of the matter said, asking not to be identified as the information is private. It is joining global banks including UBS Group AG, Morgan Stanley and Macquarie Group Ltd. that have exited India’s private-wealth market in the past two years.
The British lender’s private banking unit in India has offices in Mumbai, New Delhi, Bengaluru and Chennai, according to its website.
RBS agreed in March to sell its Coutts International private banking business to Switzerland’s Union Bancaire Privee, shedding about 32 billion Swiss francs ($35 billion) of client assets. The sale included businesses managed from Switzerland, Monaco, the Middle East, Singapore and Hong Kong.
Registered Office: 1501, Tower 2B, One IndiabullsCentre, 841, Jupiter Mills,Off SenapatiBapat Marg, Lower Parel, Mumbai 400013, Maharashtra, India | Tel: +91 22 6106 4800 | sanctumwealth.com | CIN: U74140MH2015PTC264932
Registered Office: 1501, Tower 2B, One IndiabullsCentre, 841, Jupiter Mills,Off SenapatiBapat Marg, Lower Parel, Mumbai 400013, Maharashtra, India | Tel: +91 22 6106 4800 | sanctumwealth.com | CIN: U74999MH2017PTC302008 |
Real Estate Regulatory Authority License no. (A51900011805)
For any grievance or disputes please contact us at the above address and phone number or send us an email to grievance@sanctumwealth.com. In case you are not satisfied with the response, you may contact the stock exchanges directly: (NSE) Tel: +91 22 2659 8190 / 1800 2200 58 (Toll free) or Email: atignse@nse.co.in; (BSE) Tel: +91 22 2272 809 or Email: is@bseindia.com.
Filing complaints on SCORES – Easy & Quick a. Register on SCORES portal b. Mandatory details for filing complaints on SCORES I. Name, PAN, Address, Mobile Number, E-mail ID c. Benefits: I. Effective communication II. Speedy redressal of the grievances
Trading and investments in Securities are subject to market risk, there is no assurance or guarantee of returns. Please read the PMS Disclosure Document, Risk Disclosure Document and Do's & Don'ts prescribed by the Exchanges and Mutual Fund Offer Documents carefully before investing
Attention Investors : No need to issue cheques by investors while subscribing to IPO. Just write the bank account number and sign in the application form to authorise your bank to make payment in case of allotment. No worries for refund as the money remains in investor's account. Prevent Unauthorized Transactions in your demat and broking account −> Update your mobile numbers/email IDs with your stock brokers and depository participants. Receive information of your transactions directly from Exchange & NSDL on your mobile/email at the end of the day..... Issued in the interest of Investors. (Ref Circular No : NSE/INSP/27346, BSE/ 20140822-30, NSDL 2014/94/97 & 2015 / 104). KYC is one time exercise while dealing in securities markets - once KYC is done through a SEBI registered (broker, DP, Mutual Fund etc.), you need not undergo the same process again when you approach another intermediary.