The move is in line with YES Bank’s strategy to expand its retail banking business aggressively. The bank recently roped in Pralay Mondal from @HDFC_Bank_L to oversee its retail banking operations.
Last November, RBS failed to close a deal involving sale of its India retail assets to HSBC.
RBS has 31 branches in India which it received as part of a three-bank consortium that acquired Dutch bank ABN Amro in 2007. India represents a small part of RBS' global business, accounting for just 0.02% of group assets and about half a percent of its non-core business.
The bank has a deposit base of R130.40 Bn and a loan book of R125.35 Bn with bad loans of 0.74% of the advances as of March 2012.
Along with the merger of Shasun Pharmaceutical with itself, Strides Arcolab also announced the induction of a strategic partner in its greenfield biotech project, Stelis Biopharma. As per the deal GMS Holding will pick up 25.1%s stake in the biotech arm infusing $8.5Mn.
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