Yes Bank in talks to buy RBS India units
Reuters: Mumbai, Jan 16 2013, 01:24 IST
Yes Bank Ltd is in talks to buy the local retail and commercial banking operations of Royal Bank of Scotland Group Plc (RBS), a source with direct knowledge of the matter said on Tuesday.
A plan by RBS, majority owned by the UK government, to sell the Indian businesses to HSBC Holdings Plc fell through in November last year, more than two years after the two banks started negotiations.
Yes Bank, India’s fourth largest private sector lender with assets of nearly $11 billion, is likely to start a due diligence on the RBS unit soon, said the source, declining to be named as he was not authorised to speak to the media.
RBS’s Indian unit has 31 branches, 4,00,000 customers and was profitable, with assets of £190 million ($306 million) and revenues of £42 million in the first nine months of last year, RBS said in a statement last November.
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