Royal Bank of Scotland, RBS to close India business and all its corporate operations as part of a plan to sell or shut businesses in two-thirds of the countries it operates in.
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.”
The decision to close the India business is part of Chief Executive Ross McEwan’s strategy announced last year to operate in 13 countries, down from 38.
McEwan has cut thousands of jobs and assets to reduce expenses, in a bid to boost earnings after eight straight years of losses.