Royal Bank of Scotland (RBS) has agreed to sell its private banking business in India to Sanctum Wealth Management.

The transaction, which is expected to close by the first quarter of 2016, comprises onshore client relationships and associated staff.

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Sanctum Wealth will retain the same branch network currently operated by RBS Private Banking in India, which includes Mumbai, Delhi, Chennai and Bangalore.

Sanctum Wealth Management is a newly incorporated firm promoted by RBS’ Indian private banking business head Shiv Gupta.

Commenting on the deal, Gupta said: "Through this business transfer arrangement, we look forward to leveraging the strong foundation of the existing private banking business and taking it to further heights, through investments in people, technology, products and partnerships."

RBS India country executive Brijesh Mehra said: "We gave careful consideration in identifying a buyer that would minimise the impact to clients and staff and is committed to building on the investments made in the RBS India Private Banking franchise."
The sale is part of the British banking groups’ initiative to slash costs and enhance returns for its shareholders by exiting operations in India and 24 other countries.

In March 2015, RBS agreed to sell its internationally managed private banking and wealth management business to Union Bancaire Privée UBP SA (UBP).