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HSBC acquires RBS Indian unit in $95m deal

RBS continues to reduce costs

02 July 2010

Royal Bank of Scotland (RBS) has successfully negotiated the sale of its Indian banking division to rivals HSBC.

The taxpayer-owned firm has offloaded its $95 million (£62.5 million) unit in an attempt to reduce costs.

HSBC expect the deal to be completed by the first half of 2011, subject to regulatory approval.

"The main focus of our strategy is on emerging markets and this acquisition is our third transaction in one of the world's largest and fastest growing developing markets in the last two years," HSBC chief executive officer Michael Geoghegan said in the statement.

RBS India has $1.8 billion worth of assets and employs around 35,000 consumers across its 31 branches.

HSBC already have banking operations in India and the move will add to its already substantial customer base in the country.

The deal follows the sale of RBS banking arms in Argentina, Kazakhstan, Pakistan and the United Arab Emirates in the past month.

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