RBS completes deal to sell its private banking ops in India to Sanctum

Further to our note last year stating that Royal Bank of Scotland (RBS) was selling its Indian private banking unit to Sanctum Wealth Management, a company led by the head of the business, Shiv Gupta, the sale has now been confirmed, along with all necessary licenses and approvals.

By PTI: Mumbai, Apr 20 (PTI) Financial services major Royal Bank of Scotland group has concluded the deal to sell its private banking operations in India to Sanctum Wealth Management.

This marks the launch of Sanctum Wealth Management in India.

Sanctum, which had signed the agreement with RBS in September has acquired all the necessary licenses and approvals as well as successfully managed the migration of the business, including clients and people, from RBS Private Banking, a statement said today.

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Through its four branches in India, Sanctum would offer investment services across a range of financial products, equities, fixed income, mutual funds and alternative investments.

It would also provide portfolio management services, wealth planning and real estate solutions.

The company will operate out of four branches located in Bengaluru, Mumbai, Delhi and Chennai and will be led by an experienced management team, headed by founder and CEO Shiv Gupta. PTI SSM DK ABK