Global bank HSBC announced on Friday that it had agreed to buy the Indian commercial and retail banking assets of British state-controlled Royal Bank of Scotland. "HSBC ... has agreed to acquire The Royal Bank of Scotland Group plc's retail and commercial banking businesses in India," the group said in an official statement.

The price of the deal was not immediately clear, but the divisions have a gross asset value of 1.8 billion dollars, as at 31 March 2010. "The acquisition, which is subject to regulatory approvals, is expected to complete in the first half of 2011," HSBC added.