Royal Bank of Scotland Plc (RBS) will wind up its corporate, retail and institutional operations in India and shut its 10 retail branches, as it exits the country as part of a plan to reduce its global footprint.
“After examining a number of options for our banking business in India, we have decided to wind down our corporate, institutional and retail banking businesses in India. We sold the onshore loans portfolio and initiated the corporate and institutional business exit earlier this year,” the bank said in a statement. RBS said that it is committed to supporting its customers—as well as employees—through the transition and ensure least possible disruptions. “We are committed to provide our employees with a range of support and will ensure that they are treated in a fair and transparent manner in line with RBS’s principles and local policies,” the statement said. RBS has less than 400 employees across operations in India, accroding to a spokesperson for the bank.