When Royal Bank of Scotland Group Plc decided to pull back from foreign markets and focus on its UK business, it meant an imminent change of ownership for its Indian franchise, including private banking. The business, led by Shiv Gupta, needed to undergo a smooth transition. Gupta found an option to transfer the business and restructure it to ensure continuity. In September 2015, we saw the first management buyout in the Indian wealth management industry. RBS has now completed the transaction and transfer of business to Gupta’s Sanctum Wealth Management in India.
He spoke about the new venture, being out of the banking umbrella and industry trends.
How does this setup differ from being part of a bank?
It is somewhat different but in a good way. Clients will still come to us for wealth management services, but, yes, we aren’t a bank any longer. This is an opportunity for us to focus on primary services—wealth management, estate planning, real estate, and so on. It also allows us to focus on the services that we want to expand.