RBS, which was briefly the world’s largest bank by assets, has spent the eight years since a 45 billion pound ($64 billion) government bailout cutting costs and reorganizing.
It is closing the Indian business after failing to find a buyer. Earlier this year, Singapore’s biggest lender DBS Group Holdings and South African banking group FirstRand were in separate talks to buy the unit.
After examining a number of potential sale options for our banking business in India, we have concluded that it is not feasible to sell the business in its entirety said the bank in a statement.
“We will now look at other options which may include a wind down or sale of individual parts.”
McEwan has cut thousands of jobs and assets to reduce expenses, in a bid to boost earnings after eight straight years of losses.