HSBC's proposed takeover of RBS India assets falls through
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The Competition Commission of India had also approved the deal in April this year.
"HSBC Asia Pacific is a wholly-owned subsidiary of HSBC Holdings plc. HSBC remains committed to pursuing growth in India, a key strategic market for the Group, through its existing operations," HSBC said today.
In a separate statement, RBS also said that its business in India is profitable and comprised total assets of 190 million British pounds as on September 30, 2012. It has 31 branches in the country that generated revenue of 42 million in the first nine months of this year.
However, these businesses account for only 0.5 per cent of the group's remaining non-core assets worth over 65 billion British pounds, RBS said.
HSBC is one of the major foreign banks present in India with approximately 30,000 employees in its banking, investment banking and capital markets, asset management, life insurance, software development and global resourcing operations.
In 2008, the HSBC Group acquired a majority stake in HSBC InvestDirect that has enabled it to offer retail brokerage services to its customers across a wider geography in the country.
It also has a joint venture with two of India's leading public sector banks, establishing Canara HSBC Oriental Bank of Commerce Life Insurance Company in June, 2008.
HSBC's network in India comprises 50 branches of HSBC India, 29 branches and 11 franchisee outlets of HSBC InvestDirect and 28 offices of its 26 per cent held Canara HSBC Oriental Bank of Commerce Life Insurance Company.
Globally, HSBC group is present in over 80 countries and territories in Europe, the Asia-Pacific region, North and Latin America, and the Middle East and North Africa.
With assets of over USD 2.7 trillion as on September 30, 2012, HSBC Group is one of the world's largest banking and financial services organisations.
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