RBS Indian Banking Operations Sale To HSBC Falls Apart

Law360, New York (November 30, 2012, 4:37 PM EST) -- The Royal Bank of Scotland Group PLC's sale of its Indian retail and commercial party to a China-based subsidiary of HSBC Holdings PLC has collapsed more than two years after it was announced, RBS said Friday in an investor filing.

The European bank had agreed to sell its widespread India banking business to The Hongkong and Shanghai Banking Corp. Ltd., a wholly owned subsidiary of HSBC, in June 2010. But RBS said Friday that the sale has lapsed, effective immediately, and will not be proceeding....
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