RBS likely to close its 23 retail and commercial branches in India

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As a part of strategic business decision, Royal Bank of Scotland (RBS) has proposed to shut down its 23 of 31 branches in India by the end of the year to focus only on big cities.

The bank would initially close the branches at Agra, Jodhpur, Jalandhar, Kolhapur, Mangalore, Shastri Park (New Delhi) and Udaipur which will result into job cut of about 1000 employees, said the media reports.

A statement released by the bank said, "As part of the strategic business decision, it (RBS) has started the process of consolidating its retail and commercial banking business to maintain a presence in eight major business hubs."

However, the bank claimed that there would be no impact on its corporate and institutional business including markets and international banking or the private banking businesses in the country as part of the consolidation.

RBS had in November announced a plan to consolidate its retail presence in the country after its deal with HSBC, announced in July 2010, failed to get regulatory approval.

"RBS will continue to wind down the Retail & Commercial business in India in an orderly way and is exploring options for this," Managing Director and country head for international banking, Brijesh Mehra said in a statement.

Read more about: rbs
Story first published: Monday, May 27, 2013, 9:30 [IST]
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