India’s Yes Bank in talks to acquire local assets of RBS

RBS

Indian lender Yes Bank Limited (BOM:532648) is negotiating the potential purchase of Royal Bank of Scotland Group Plc’s (LON:RBS) local retail and commercial banking activities, an informed person told Reuters today.

According to the insider, Yes Bank could begin due diligence on RBS’ local operations soon. The group, majority owned by the UK state, was planning to sell these activities to HSBC Holdings Plc (LON:HSBA) but their deal was terminated in November 2012.

A representative for Yes Bank did not wish to comment on the matter to Reuters, while RBS told the news agency it continued to consider all alternatives for its Indian retail and commercial businesses.

Earlier, the Economic Times reported that Yes Bank and local competitor IndusInd Bank Limited (BOM:532187) were holding discussions with regard to the acquisition of RBS’ retail assets in India. However, IndusInd’s COO Paul Abraham told Reuters the lender was not interested in such transaction.

The Indian subsidiary of RBS, with 31 branches, recorded revenues of GBP42m (USD67.6m/EUR50.6m) in the first nine months of 2012, the group said in a November statement.

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