LONDON Nov 30 Royal Bank of Scotland's
sale of its Indian retail and commercial banking operations to
HSBC has fallen through, and it will now wind down the
business, it said on Friday.
RBS agreed to sell the business to HSBC in July 2010, but
the deal lapsed on Friday. It has 31 branches and 400,000
customers, with assets of 190 million pounds and revenues of 42
million pounds in the first months of this year.
"Consistent with RBS's strategic objective to reduce or exit
its non-core assets and businesses, it will begin to wind down
its retail and commercial banking business in India, whilst
meeting all customer obligations," RBS said in a statement.