Top management buys out RBS India private banking biz

Mumbai:  Royal Bank of Scotland is exiting India private banking business in a management buyout, wherein the current head of the unit would take over the operations. “The Royal Bank of Scotland NV signed an agreement to transfer the India private banking business to Sanctum Wealth Management,” RBS India said. Sanctum is a city-based company that will be led by Shiv Gupta, who heads the private banking business, and the existing management team.  The deal comprises transfer of client relationships and staff, it added.  There was speculation of a management buyout at the wealth management arm of RBS. The arm reportedly has $2.5 billion of assets under management.