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StanChart says it’s interested in acquiring RBS’ Asia assets

StanChart says it’s interested in acquiring RBS’ Asia assets
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First Published: Wed, Apr 08 2009. 10 59 PM IST

 ‘Not desperate’: Standard Chartered Asia chief Jaspal Bindra said his company would not go overboard on any acquisition. Bloomberg
‘Not desperate’: Standard Chartered Asia chief Jaspal Bindra said his company would not go overboard on any acquisition. Bloomberg
Updated: Wed, Apr 08 2009. 10 59 PM IST
New Delhi: Standard Chartered Plc. is interested in buying the Asian assets of part-nationalized Royal Bank of Scotland Group Plc. (RBS) but was not desperate to do a deal, a senior Standard Chartered official said in India on Wednesday.
‘Not desperate’: Standard Chartered Asia chief Jaspal Bindra said his company would not go overboard on any acquisition. Bloomberg
Jaspal Bindra, chief executive of Standard Chartered’s Asia operations, told reporters in New Delhi the bank had submitted its interest after RBS asked potential bidders to register. “The government has mandated RBS to go and sell Asia. They have asked hundreds of people: are you interested? We said obviously, this is in our footprint, we are interested,” Bindra said.
“But that’s where it stops, there is no further information... As far as we know, we are still a bidder, but it’s still a long way off before we get anywhere close to a decision.”
RBS had received good interest from potential buyers for its Asian assets, its chief executive said last week.
HSBC Holdings Plc., Standard Chartered and Australia and New Zealand Banking Group (ANZ) are all considering bids for the Asian assets, separate sources with direct knowledge of the matter have previously told Reuters.
All of the assets in the region could fetch about $2 billion, though RBS is also considering offers for assets in individual countries, sources have said on condition of anonymity.
Bindra said they were yet to discuss valuations with RBS. “They haven’t got that far,” he said. “I think this is a bad week with the Easter holidays and everything else, and there was the G20 in the UK...we might hear from them, but we haven’t heard much this week.”
Bindra said his bank would not go overboard on any acquisition and would maintain a disciplined approach.
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First Published: Wed, Apr 08 2009. 10 59 PM IST