The Hindu Business Line : RBS to complete re-branding of ABN-Amro this year

New global ambassador: (From left) Mr John McCormick, Chief Executive, Global Banking & Markets, Asia Pacific, RBS; Sachin Tendulkar, the new global ambassador of the RBS Group; and Mr John Baines, Chief Executive, Regional Markets, Asia & Wealth Management, in Mumbai on Thursday.

Our Bureau

Mumbai, Sept. 18 The Royal Bank of Scotland (RBS) will complete the re-branding of ABN-Amro by the end of this year, Mr John Baines, Chief Executive, Regional Markets, Asia and Wealth Management, RBS, said.

A consortium of RBS, Fortis and Banco Santander had taken over the Dutch bank ABN-Amro in October 2007. The group is now awaiting regulatory approval from the Reserve Bank of India to integrate the ABN-Amro business with RBS in India, Mr Baines said on the sidelines of a function to announce cricketer Sachin Tendulkar as the global ambassador of the RBS group.

With the ABN-Amro acquisition, RBS will become the fourth largest foreign bank in India with a network of 28 branches spread across 21 cities, said Mr John McCormick, Chief Executive, Global Banking and Markets, Asia Pacific.

The bank’s Asian operations contribute 8-10 per cent of its wholesale banking revenues from across the world.

The target is to increase the share to 15 per cent, said Mr McCormick.

The bank plans to focus on wealth management services, micro finance lending and wholesale banking in India. Advisory services to mid-cap and large cap companies, especially for mergers and acquisitions, would be another focus area, said Mr Baines.

On the impact of the global financial crisis on RBS, Mr McCormick said the bank is adequately capitalised.

The bank’s Indian operation is the third largest in terms of staff strength with 10,000 employees, after the UK and the US, Mr McCormick said.

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