The UK-listed lender has sold its Indian private banking group as the trend of restructuring and M&A continues to change the shape of the global industry.

Royal Bank of Scotland India, part of the UK-listed banking group that earlier this year sold its non-UK private banking arm under the Coutts brand, today signed an agreement to transfer the India private banking business to Sanctum Wealth Management Private. Such a deal had been confirmed in late July this year.

The transaction comprises onshore client relationships and associated staff. The financial terms of the deal weren’t disclosed.

Sanctum Wealth is a Mumbai-incorporated company that will be led by Shiv Gupta, who is head of RBS Private Banking India and the existing management team. Sanctum Wealth plans to retain the same branch network currently operated by RBS Private Banking in India, which includes Mumbai, Delhi, Chennai and Bangalore, a statement from RBS said.

Subject to regulatory approvals and receipt of the necessary licenses and registrations by Sanctum Wealth, the transaction is expected to complete by the first quarter of 2016.

“Over the past few years, RBS has made considerable investments in the Private Banking business in India. We gave careful consideration in identifying a buyer that would minimise the impact to clients and staff and is committed to building on the investments made in the RBS India Private Banking franchise,” Brijesh Mehra, country executive, RBS India said.

The transaction comes after RBS in March announced the sale of its internationally managed private banking and wealth management business to Geneva-headquartered Union Bancaire Privée, which included relationships managed out of Switzerland, Monaco, UAE, Qatar, Singapore and Hong Kong, but excluded the India onshore business. These transactions have come at a time of continued M&A activity in the wealth management sector, which is wrestling with rising regulatory burdens, heightened client expectations, and battles to win market share.

RBS is majority-owned by the UK government. The ownership stake has been in place since the UK bailout of the bank in the wake of the 2008 financial crisis. The current Conservative-led administration intends to return the bank to full private sector ownership.