Royal Bank of Scotland (RBS) Global chief executive officer Stephen Hester on Tuesday met top officials of the Reserve Bank of India (RBI) to update the banking regulator about the latest India plans of the UK major, which is now owned up to 70% by the UK government.
However, top officials of ABN Amro?s India operations, which is yet to be rebranded as RBS, were tight-lipped about Hester?s meeting with RBI.
RBS plans for the Indian markets after taking over ABN Amro have drastically changed in the past six months, after the former was badly hit by the global financial crisis.
Sources close to the bank said plans to sell ABN Amro?s Asian retail banking operations and re-branding of operations, including wholesale banking, investment banking and private banking division, are very much on.
?The legal process is yet to be completed. There is a long process involved, but there is no problem from Indian local regulators,? said the official.
Meanwhile, in another development, the Dutch government, which now owns Fortis (which had taken over the gems and jewellery business of ABN Amro globally) has approached the RBI for a banking licence to continue business in India. ABN Amro needs a banking licence as it is keen to retain its Rs 3,000-crore diamond and jewellery business. That process is still underway, said a source.