HSBC buys part of RBS's India business

HSBC will pay a premium of up to $95 million for Royal Bank of Scotland’s retail and commercial businesses in India.

On Friday, RBS announced that it has entered into an agreement with HSBC to sell its retail and commercial banking business in India, involving portfolios with a gross asset value of $1.8 billion as of March 31.

The total consideration will comprise a premium of up to $95 million over the tangible net asset value TNAV of the businesses being acquired at the close of the transaction, less an adjustment equal to 90% of any credit losses incurred on...

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