In a trend of M&A activity in global wealth management, the UK banking group is looking to sell its India private banking operations and has confirmed entry into talks.

Royal Bank of Scotland, which is majority-owned by the UK government and seeking a return to full private ownership, confirmed yesterday it is in talks to sell its India private banking operation to Sanctum Wealth Management.

Sanctum will be led by Shiv Gupta, currently the managing director of RBS’s private banking operations in India, a spokesperson for RBS told this publication in an emailed statement. Separately, the bank declined to give the size of assets under management in the India unit, or the value of the operation.

“This arrangement would ensure continuity for clients and establish a framework to take the business forward. This marks another step towards delivering the strategy to make RBS a stronger, simpler, more sustainable business, more aligned with the needs of our customers in the UK and Western Europe,” the spokesperson added. 

Such a disposal, if agreed, would be part of RBS’s restructuring as it spins off assets and seeks a return to financial strength after being bailed out six years ago at the height of the market crisis.

RBS issues its interim statement on 30 July. 

Earlier this year, RBS sold its Coutts International business – excluding the UK and certain other business lines – to Geneva-headquartered Union Bancaire Privée.

The UK bank has signed a non-binding framework agreement.