The Royal Bank of Scotland Group Plc., or RBS, after receiving approval from the Reserve Bank of
In October 2007 RBS, the
An ABN AMRO Bank official notified, “RBS Financial Services is planning to set up five centers across the country, of which two centers are in Mumbai. The non-banking finance arm will act as a distribution arm of the bank”. He added, “Apart from distributing wealth management products, RBS Financial Services will also sell other asset products and...enter the business of collection of non-performing assets.”
An anonymous official who was not bank’s official spokesperson told Royal Wealth Management will be launching and also be marketing in India the services and products of RBS Coutts, RBS’ global private banking arm.
On August Mint had reported that the Reserve Bank of India (RBI) had rejected RBS operating ABN AMRO’s Indian business under two separate entities: RBS and RBS Coutts. An official had then pointed out, “Coutts is a separate entity and approval. RBI for use of the brand name would effectively mean allowing a backdoor entry for a bank.”
In October former AMRO’s non-banking finance arm, ABN AMRO Securities (
V. Vasantha Kumar, senior vice-president and head of marketing and communications for ABN AMRO Bank in India, informed in an email “As part of our expansion plans we are looking at distribution of wealth products under the brand name of Royal Wealth Management and currently we have two outlets in Mumbai”. “Further details on our expansion plans will be announced shortly, once they are finalized.”
ABN AMRO was established in 1920 in
On Monday, ABN AMRO reported that it will post a full-year loss from continuing operations of about €13 billion (Rs84,240) after investment-banking losses.
On the other hand RBS, which bought ABN AMRO’s investment banking business, informed it might post a loss of as much as much£28 billion (Rs2.02 trillion).