Provider: Zacks Investment Research Inc.
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Royal Bank of Scotland Group PLC Announces Disposal Of Retail And Commercial Banking Operations In India
Royal Bank of Scotland Group PLC announced that the agreement to sell its Indian Retail & Commercial banking operations to The Hong Kong and Shanghai Banking Corporation Limited (HSBC), as announced on July 2, 2010, has lapsed with effect from November 30, 2012 and the sale will not be proceeding. Consistent with RBS's strategic objective to reduce or exit its Non-Core assets and businesses, it will begin to wind-down its Retail & Commercial banking business in India, whilst meeting all customer obligations. There will be no immediate change for customers who will continue to be served as they are today. Any changes impacting them will be notified in a timely way and will be designed to minimise disruption.
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