CCI approves acquisition of RBS India wealth management biz by Sanctum Wealth

Fair trade regulator Competition Commission of India (CCI) has approved the acquisition of Royal Bank of Scotland Group's India wealth management business by Sanctum Wealth.

Royal Bank of Scotland (RBS), in September, signed an agreement to transfer the India private banking operations to Sanctum Wealth Management. The deal comprises transfer of client relationships and staff.

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In a tweet on Tuesday, the Competition Commission of India (CCI) said it has approved the "acquisition of wealth management business of RBS by Sanctum Wealth".

.@CCI_India approves acquisition of wealth management business of RBS by Sanctum Wealth

— CCI (@CCI_India) December 29, 2015

Sanctum Wealth is a firm led by Shiv Gupta, who heads RBS' private banking operations in India.

Britain's largest state-owned bank's move to sell wealth management arm follows similar exits by the UBS Group, Morgan Stanley and the Macquarie Group.