Royal Bank of Scotland is negotiating with Fortis to retain the private banking business of ABN Amro in India for itself, according to a report in India's Business Standard.

The Dutch bank is in the process of being taken over by a consortium including RBS, Fortis and Santander. Under the global deal, Fortis is acquiring ABN Amro Bank’s asset management and private banking business.

In India, ABN Amro has a consumer banking franchise and the private banking business. It has 28 branches and has received the Reserve Bank of India’s approval to set up three more branches.

“If you take away the private banking business in India, RBS will be left with just the consumer banking business, which is a small portfolio. Globally, the consortium is working on asset allocation. It is also working on the asset allocation across various geographies," a source told Business Standard.

RBS, which has a growing wealth management business in the region, said it could not comment on market speculation.