Yes Bank, IndusInd target Indian retail assets of RBS

Yes Bank and IndusInd Bank are negotiating to acquire Royal Bank of Scotland's Indian retail assets.

If it happens, it will end RBS' two-year ordeal in selling India assets after it managed to sell the rest of Asia business to Australia and New Zealand Bank. If IndusInd manages to get the assets, it may result in chief executive Romesh Sobti buying part of a business that he helped create as the India head of ABN Amro.

RBS got the Indian assets of ABN as part of a three-way split of the Dutch bank after it was acquired along with Santander of Spain and Fortis of Belgium.

HSBC had to abandon the deal partly due to the Reserve Bank of India's reluctance to let the controversial British bank to take the branch network in full.

"RBS, majority owned by the British government, will continue to wind down the retail and commercial businesses in India in an orderly way and is exploring options for this," an RBS spokesperson said.

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