Although the US firm did not disclose any information about the deal, a strategic review of the division has been launched, following which a decision to sell the unit might be taken, according to media sources.
Through assessment of its wealth management operations globally, the banks aims to curtail its unprofitable units and focus on core business segments.
Its Indian business unit, which manages approximately $1bn including loans, is facing limited business opportunities amidst increasing competition and operational costs, decline in stock market values as well as a weakening rupee.
According to Capgemini and RBC Wealth Management’s world wealth report, the number of wealthy in India has reduced to 125,500 last year since 2008.
The company launched its wealth management operations in India in September 2008, which was also the bank’s first onshore wealth business in Asia, to offer brokerage and investment advisory services.
The firm also provides investment advice across asset classes, including equities, fixed income and private equity.
