Fair trade regulator CCI has approved the acquisition of Royal Bank of Scotland Group's India wealth management business by Sanctum Wealth. Royal Bank of Scotland (RBS), in September, signed an agreement to transfer the India private banking operations to Sanctum Wealth Management. The deal comprises transfer of client relationships and staff.
In a tweet today, the Competition Commission of India (CCI) said it has approved the "acquisition of wealth management business of RBS by Sanctum Wealth". Sanctum Wealth is a firm led by Shiv Gupta, who heads RBS' private banking operations in India. Britain's largest state-owned bank's move to sell wealth management arm follows similar exits by the UBS Group, Morgan Stanley and the Macquarie Group.
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