The Royal Bank of Scotland N.V. India has signed an agreement to transfer the India Private Banking business to Sanctum Wealth Management Private Limited (“Sanctum Wealth”). The transaction comprises onshore client relationships and the associated staff.
Sanctum Wealth is a Mumbai incorporated company that will be led by Shiv Gupta, currently 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.
Subject to regulatory approvals and receipt of the necessary licenses and registrations by Sanctum Wealth, the transition is expected to complete by the first quarter of 2016.
Brijesh Mehra, Country Executive, RBS N.V. India said “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.”
Shiv Gupta, founder of Sanctum Wealth commented “Sanctum Wealth is fully committed to India and to maintaining continuity and stability for our clients and people. Through this business transfer arrangement, we look forward to leveraging the strong foundation of the existing private banking business and taking it to further heights, through investments in people, technology, products and partnerships.”
In March 2015, RBS announced the sale of its internationally managed Private Banking and Wealth Management business to Union Bancaire Privée (UBP), which included relationships managed out of Switzerland, Monaco, UAE, Qatar, Singapore and Hong Kong, but excluded the India onshore business.
