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Re: Banking News.....
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Re: Banking News..... - December 12th, 2007

RBS to get ABN's BPO operations

MUMBAI: Royal Bank of Scotland (RBS) will takeover ABN Amro's outsourcing operations in the country. A consortium led by RBS is in the process of taking over the Dutch bank globally.

Till now, it was not clear who would takeover ABN Amro Central Enterprise Services (ACES) as discussions were on within the consortium partners. “ACES will be with RBS. They are impressed with the quality and they feel that this could be a resource centre, which will fuel their growth plans and also help in quick launches,” according to Meera Sanyal, country executive, ABN Amro Bank India, and chairperson, ACES.

Incidentally, RBS has an IT offshoring centre in India with around 750 people. ACES at present employs around 4,500 people across Mumbai, Delhi and Chennai and is into operations, HR-shared services, finance-shared services and also in KPO space like credit analytics and equity research.

Ms Sanyal took over as the head of the Indian operations after Romesh Sobti put in his papers. Mr Sobti is moving on to head IndusInd Bank. For Ms Sanyal it has been a lateral move. She was till now the head of services (Asia) of ABN Amro, which included operations, IT, procurement, premises and business continuity management. She was responsible for 16 countries in Asia.

Other than Mr Sobti, two other senior officials have also put in their papers. These include Paul Abraham, who was heading ACES, and reporting to Ms Sanyal and K Sridhar, who headed the risk management. Two more senior officials are also said to be joining Sobti in IndusInd Bank. Ms Sanyal has been in discussions with other senior management for the past couple of days. “I have had intense discussions with all the senior people. My understanding is that they have faith in the future growth of the bank and their careers in the bank,” she said.

With the backing of RBS, ABN is on an aggressive mode in the country. “Our mission is to be the No.1 foreign bank in products we choose across global markets, consumer and transaction banking. There will be an equal focus on wealth management. In the products that we are very strong, we will play to the strengths of India,” said Ms Sanyal.

ABN Amro currently has competition from other foreign banks including Citi, StanChart and HSBC. In consumer banking, the Dutch bank is behind these three players.

The Indian operations are the bank’s top revenue earner in Asia. In transaction banking and global markets, the Indian operations have 33% and 42% of Asia’s share, including UAE.

The mission for ABN Amro in Asia in the next five year is to be among the top 5 banks and treble its revenues. The bank’s Asian operations have grown 175% between 2005 and 2007. “RBS is looking at India as a jewel in the crown. They plan to invest in Asia, which they feel is a growth market. They have plans on both consumer and global markets. Their growth plans are very aggressive,” she added. The AMC operations of the bank in India would move to Fortis.



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