People Moves

RBS Appoints Market Head For India

Vanessa Doctor Asia Editor 1 April 2010

RBS Appoints Market Head For India

The Royal Bank of Scotland has appointed Leena Gidwani as market head, western region for its Indian private banking operations.

Gidwani will be responsible for driving business development and positioning the RBS brand in the fast-growing Indian market, the company said in a statement. Based in Mumbai, she will report directly to Shiv Gupta, the head of RBS Private Banking India.

"Leena's appointment is an important step forward for the business as we implement our strategic plan in India with a view to significantly grow our staff base and assets under management over the next four to five years," Gupta said.

Gidwani will be headling a team of 15 staff composed of client relationship associates and private bankers. RBS' Western region operations accounts for 40 per cent of the firm's total private banking AUM in India.

RBS has over the past months sold its some of its Asian assets to Australia and New Zealand Bank, including those in Hong Kong, Indonesia, Singapore, Taiwan and Vietnam, as part of a realignment plan to focus on core businesses. The sale did not cover China and India units.

According to the latest Forbes Magazine report on Asian wealth, China and India house the most number of high net worth individuals in the region, and are touted to outdo their Western counterparts over the next years.

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