HSBC's proposed acquisition of RBS India assets collapses

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HSBC's proposed acquisition of RBS India assets collapses
HSBC has cancelled the proposed acquisition of the Indian retail & commercial banking operations of Royal Bank of Scotland after negotiations failed to result in a deal in time for a deadline on Friday.

Earlier, in July 2010, HSBC had agreed to buy few selected assets of RBS India for a premium of USD 95 million. The Reserve Bank of India had given a conditional approval to the deal in December 2011, where in it declined transfer of RBS bank branches to HSBC.

Meanwhile, RBS, which is 82 per cent-owned by the British government, will instead wind down its retail and commercial banking business operations in India as part of winding down its non-core assets globally.

Read more about: hsbc, rbs
Story first published: Saturday, December 1, 2012, 9:30 [IST]
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