YES Bank in talks with RBS to acquire its retail assets in India: Report

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Private sector lender YES Bank has emerged as a fresh contender for acquiring the Indian retail assets of Royal Bank of Scotland (RBS), following the latter's decision to wind down the business that comprised just 0.5 per cent of its non-core assets, said a media report.

Earlier, RBS was in talks with HSBC for its Indian retail assets for almost two-and-a-half years. RBS entered into an agreement with HSBC in July 2010 to sell its retail assets and it was decided that the deal would be completed in the first half of 2011. But as it was announced, it went into regulatory hurdles and finally the two banking giants scrapped the deal.

Reports said that YES Bank may acquire RBS' assets now to expand its retail banking business aggressively in India. RBS' total retail and commercial banking assets in India were estimated at around USD 1.8 billion at the end of March 2010.

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Story first published: Tuesday, January 15, 2013, 11:30 [IST]
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