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Thursday, December 1, 2011

RBI agreeable to asset sale to HSBC: RBS

MUMBAI: British lender RBS India today claimed that the Reserve Bank of India has agreed to clear its proposal to sell commercial and retail assets here to HSBC India.

"We can confirm that the Reserve Bank of India is agreeable to the transfer of our retail and commercial businesses in India to HSBC," an RBS statement here said.

Without offering more details, the bank said, "We continue to work closely with HSBC and the regulators to complete the transfer in a manner that is in the best interests of our clients and employees.

"India is also a major business services hub for the RBS Group, and RBS India will continue to be the third largest employment centre for the group globally...India remains as one of the top three priority markets in the Asia Pacific region for the Group, and (it) will continue to invest strategically in India," the statement said.

Last July, HSBC India had agreed to buy out the retail and commercial businesses of RBS and had been waiting for the RBI approval.

Source: EconomicTimes


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