RBS Private Banking India has launched a new credit product that provides collateral-based lending services to clients.

RBS Private Banking India has launched a new credit product that provides collateral-based lending services to clients.

The new bespoke Credit Solutions offering is aimed at customers leveraging their assets to create liquidity for personal, business or investment reasons. The product is marketed under the wealth management brand and is based on collateral including equities, bonds, debentures, mutual funds and fixed maturity plans combined with a range of lending products.

"If we take a holistic look at the combination of products and services that form the portfolio of a typical high net worth client's needs, we will find that credit occupies a prominent place in the mix. This flexibility brings our clients one of the most comprehensive wealth management services in India today," said Shiv Gupta, managing director for RBS Private Banking India.

The launch effectively places RBS Private Banking's India business in line with its international wealth management operations in London, Switzerland, Hong Kong and Singapore, the firm said.

RBS made the news recently after CIMB Group, the Malaysian financial services firm, called off its plan to purchase RBS' asset management operations in India due to "legal hurdles." Early this year, CIMB announced that it is buying most of the firm's cash equities and investment banking businesses in the Asia-Pacific region. (Read more here.)