RBS to offer philanthropy services in India

The Royal Bank of Scotland (RBS) India will soon provide philanthropy services as a part of its wealth management segment in the country.

“We have started providing philanthropy services under wealth management in Britain from 2005. As India is one of our key international markets, we will soon provide this service to our clients under our wealth management portfolio,” RBS executive director for philanthropy services, wealth management division, Ms Maya Prabhu, said here.

Rising level of prosperity and family-run businesses here provide a lot of opportunities in this space, she said.

According to the bank, the blueprint for providing such services in India will be ready by this June-July.

Ms Prabhu said education and health among others will get the priority. But, though education and health are “the themes which have seen larger interest” as a part of philanthropy services here, it will be client-specific, she said, adding that family-run foundations are very active in the education space in the country.

Earlier this month, RBS sold some of its businesses like cash equities, equity capital markets and mergers and acquisition here and in 11 other countries in the Asia-Pacific to the Malaysia-based CIMB Group for around £75 million ($120 million).

The bank will continue in debt financing, risk management and transaction services business, and is awaiting the RBI nod to sell its retail banking arm in the country to HSBC since mid-2010.