RBS In Talks To Sell Indian Ops to HSBC -Newspaper

20th Jun 2010 13:34

LONDON (Dow Jones)--U.K.-based banking giant Royal Bank of Scotland Group PLC (RBS.LN) is in advanced talks to sell its Indian business to HSBC Holdings PLC (HSBA.LN), the Sunday Times reports without citing sources. The newspaper says the deal is expected to be agreed within weeks, following months of on-off negotiations. RBS, 84% owned by the U.K. taxpayer, is pulling out of 16 countries and scaling back in a further 21, as Chief Executive Stephen Hester dismantles the global network built up by his predecessor, Fred Goodwin. The bank is also expected to sell its operations in Chile by the end of the month. Its operations in Venezuela are likely to be shut down and it is also pulling out of Uzbekistan, the newspaper says. The bank last year revealed plans to sell off GBP258 billion of non-core assets. "We are making excellent progress in reducing the size of our balance sheet and making the bank safer. Since the announcement of our strategic plan in February 2009 we have exited or sold more than 20 businesses," an RBS spokesman said. Newspaper Web site: www.timesonline.co.uk -London Bureau, Dow Jones Newswires; +44 (0)20 7842 9320 (END) Dow Jones Newswires June 20, 2010 08:34 ET (12:34 GMT)